National Football League
Jaguars being sold to Illinois businessman
National Football League

Jaguars being sold to Illinois businessman

Published Nov. 29, 2011 6:48 p.m. ET

The Jacksonville Jaguars have reached an agreement to sell the small-market franchise to Illinois businessman Shahid Khan.

Majority owner Wayne Weaver made the announcement Tuesday, hours after he fired coach Jack Del Rio and gave general manager Gene Smith a three-year contract extension. He said Khan will have 100 percent control of the team.

Weaver called Khan ''a great American success story'' and said the Pakistan-born entrepreneur will keep the team in Jacksonville.

Khan is the owner and CEO of the Flex-N-Gate Group based in Urbana, Ill. Khan had been a candidate to buy controlling interest in the St. Louis Rams last year.

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The sale of the franchise and the firing of Del Rio are the city's most significant news since the team's inception in 1993.

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