SBD/November 29, 2011/Franchises

Wayne Weaver To Sell Jaguars To Shahid Khan; Team To Stay In Jacksonville

Jaguars Owner Wayne Weaver in a press conference today said he is selling the team to Flex-N-Gate President Shahid Khan. The two parties signed the deal this morning after gaining the endorsement of NFL Commissioner Roger Goodell, though approval of the sale from the league is still required. Weaver said Khan is committed to keeping the team in Jacksonville despite the fact there is no written agreement. Weaver said, “There’s not a doubt in my mind that this team is going to be in Jacksonville.” Weaver did not give out the terms of the deal, saying, "This was not about money. This was about finding the right partner." Weaver said he had been working on an “exit strategy” for the last few years and said it could come “sooner or later.” Weaver: “It’s a little bittersweet it came as soon as it did.” He noted Khan had previously talked about buying a minority interest in the team, but had been turned down. Khan first talked about buying the team outright earlier this year (JAGUARS.com, 11/29). Khan attempted to buy the Rams last year (THE DAILY).

See Closing Bell today for more on this story.
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