By Rick Horrow and Karla Swatek
December 2, 2011
Wayne Weaver is selling the Jacksonville Jaguars to businessman Shahid Khan for a reported $760 million, with Khan using $350 million of debt to finance his purchase. The deal happened under the radar, with Weaver last month issuing a statement that he wasn’t trying to sell the team. If Khan’s name sounds familiar, it’s because the Flex-N-Gate President previously bid on the St. Louis Rams. He lost that deal when minority owner Stan Kroenke exercised his right to match the offer.
NFL owners December 14 will vote on the sale, and league Commissioner Roger Goodell already has approved Khan as an owner. Despite rumors, Khan says he’ll keep the team in Jacksonville. However, with two proposed LA stadiums waiting for a tenant, the Jags remain one of the frontrunners to relocate. The moral: this story is far from over.