National Football League

Jaguars owner Weaver to sell team

Published Nov. 29, 2011 12:00 a.m. ET

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Shortly after the firing of longtime head coach Jack Del Rio, Jacksonville Jaguars owner Wayne Weaver announced Tuesday he is selling the franchise to Pakistani-born businessman Shahid Khan.

In a press conference Tuesday, Weaver insisted the team will remain in Jacksonville, saying he wanted any prospective buyer to demonstrate a commitment to the city.

"We're a Jacksonville franchise," Weaver declared, explaining that he rejected overtures from other possible buyers who wanted to move the team to Los Angeles.

Weaver said there is no contractual agreement for Khan to keep the team in Jacksonville, but said he "trusts" Khan to keep his promise.

Khan, who owns an Illinois auto parts manufacturer called Flex-N-Gate, tried unsuccessfully to buy the St. Louis Rams in 2010. He said in a statement Tuesday that owning an NFL team "has long been my personal and professional goal.

"This is a franchise with tons of potential, playing in a community that is passionate about football and loves to win. I can't think of a better place to be," Khan said.

Weaver said NFL commissioner Roger Goodell supports the transaction, though it must still be approved by the NFL owners. According to Sports Business Journal, the owners will vote on the deal Dec. 14 and it would likely be finalized in early January.

The financial terms of the deal were not announced. In its annual rankings of sports franchises, Forbes rated the Jaguars last in the NFL with an approximate value of $725 million. Weaver, 76, bought the expansion team for $208 million in 1993.

Khan's first order of business will be the hiring of a new head coach, with Del Rio dismissed Tuesday morning after eight-plus seasons. Defensive coordinator Mel Tucker will finish the season as interim head coach.

Jaguars general manager Gene Smith was given a three-year contract extension Tuesday, ensuring he will lead the search for the next coach.

Weaver had said the team needed to make the playoffs this season for Del Rio to keep his job, but the Jaguars are 3-8 and out of contention in the AFC playoff race.

Del Rio was only the second head coach in the Jaguars' short history, leading the team since 2003 when he replaced Tom Coughlin.

The Jaguars last made the playoffs in 2007 and finished 8-8 last season. The 48-year-old Del Rio finished with a 68-70 career mark with the Jaguars.

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