Jaguars Made Costly Error In Assistant Coaches' Contracts

Shahid Khan Says He's Committed To Jacksonville

Newly approved Jacksonville Jaguars owner Shahid Khan expressed his commitment to Jacksonville during his press conference at the owners meeting in Dallas, TX.

NFL Owners Officially Approve Shahid Khan

As expected, the NFL owners unanimously approved transfer of ownership of the Jacksonville Jaguars to Shahid Khan from current owner Wayne Weaver. With the approval and transfer, Khan becomes the first minority owner in league history. "I think that's a very positive step for the league," said John Mara, owner of the New York Giants told the media. "It's almost 2012, it's about time. He has a unique set of skills and talents. He's obviously a self-made man. You have to be impressed by that."

Current Dallas Cowboys owner Jerry Jones touched a bit on the transfer of the franchise and noted that he felt it was a good fit. "He's obviously very passionate about football and very passionate about the NFL and I know that to be the case. I think as much as we thought of Wayne Weaver and the job he did coming in and doing a lot of the heavy lifting on an expansion franchise, he's done the NFL an outstanding service by selling to a very qualified future owner," Jones told the media at the event.

For more on the Jacksonville Jaguars new owner Shahid Khan and the team, visit SB Nation's Jaguars blog Big Cat Country.

VIDEO: Shahid Khan Is Coming To Town

NFL Finance Committee Approves Shahid Khan's Purchase Of Jaguars

Wayne Weaver agreed to sell the Jacksonville Jaguars to Shahid Khan last week, but there are still a lot of hurdles he has to clear before the team is officially his. The first is getting approval by the NFL's Finance Committee approves him for league ownership. According to Vito Stellino of the Florida Times-Union, Khan has been approved.

Shahid R. Khan moved one step closer to becoming the first minority owner in the 92-year history of the National Football League on Tuesday when the league’s Finance Committee unanimously approved his application to buy the Jaguars at a meeting at league headquarters in New York.

The entire ownership will now vote to on his $760 million purchase of the team — the third-highest price in league history — at a previously scheduled meeting in Dallas next Wednesday.

It's pretty incredible that the Jaguars, a team that is struggling both on the field and in the stands, surrounded by relocation rumors of late, will be sold for the third highest total in league history. It would be hard to imagine that Khan will be turned down this far into the process.

Jaguars Ownership: Shahid Kahn Buy 100% Interest In Jaguars

Wayne Weaver sold the Jacksonville Jaguars on Tuesday to Shahid Kahn. When Weaver owned the Jaguars he did so with eight minority owners, including his wife. According to Vito Stellino of the Florida Times-Union, Kahn will buy 100% interest in the team, meaning he will have no partners.

Wayne Weaver’s decision to sell the Jaguars also means the team’s eight limited partners, including his wife, Delores, will be departing with him. The new owner, Illinois businessman Shadid Khan, wanted to buy 100 percent of the team and won’t have limited partners.It also means that Weaver’s wife will end her connection with the Jaguars foundation, although the couple, married for 56 years, will continue the Weaver Family Foundation.

A single owner can be a good thing because it means you never run the risk of having too many cooks in the kitchen. Then again, if that owner isn't particularly good at his job, it could be a disaster. It will be a while before we know which one Kahn is.

Did The Jacksonville Jaguars Sale Surprise Anyone Else?

Jaguars Sold To Shahid Khan For $760 Million

When you stop and think about it, the Jacksonville Jaguars aren’t the most attractive sports franchise to purchase. They are in the one of the smallest markets in the NFL, they have only made the playoffs two out of the past 10 seasons, and their local fans have not been showing up to games of late. They could become a competitive team with some good luck and a few changes, but at the same time, it’s difficult to see exactly how they’ll do in the future. This is an ideal buy-low franchise.

Yet despite all the non-ideal circumstances swirling about the franchise, owner Wayne Weaver just sold the team to Shahid Khan for $760 million. That is $10 million more than the St. Louis Rams sold for one year ago, and it’s considerably more than similar franchises in other sports. NFL clubs are moneymakers, even the small market ones.

Here are some of the details on the purchase price, provided by Forbes:

In August we said the Jaguars were worth $725 million, last among the National Football League’s 32 teams. But in September Walt Disney-owned ESPN signed a new television deal with the NFL that was 73% more than the previous contract. The Jaguars sale price clearly reflects the boost in television revenue given that the most recent sale prior to the Jaguars were the St. Louis Rams, which were acquired by Forbes 400 member Stan Kroenke in 2010 for $750 million.

Forbes also noted that new owner Shahid Khan used $350 million in dept to purchase the franchise. The deal has been approved by commissioner Rodger Goodell and is expected to get approval from the other team owners with relative ease.

To join in the conversation about all these changes, drop by SB Nation’s blog on the Jaguars, Big Cat Country.

Shahid Khan, Wayne Weaver Release Statement On Sale Of Jaguars

At a noon press conference, Jaguars owner Wayne Weaver officially announced that the franchise was being sold to Shahid Khan, an Illinois businessman. Weaver also stressed that the Jaguars will remain in Jacksonville, and that he has full faith in Khan and believes he will be a successful new owner for the franchise.

In a press release, Weaver expanded upon his thoughts on Shahid Khan:

“Shahid Khan is a great American success story and he will be an outstanding owner for this franchise and for this community,” Weaver said in making the announcement. “I am excited for the team and for our great fans because Shahid will bring passion and commitment to the job. He is committed to restoring a winning tradition here in Jacksonville.”

Khan also had some words of his own to share in the press release. Rest easy, Jags fans – your franchise is safe in Jacksonville:

“I am honored to have recently signed an agreement with Wayne Weaver and his partners to purchase the Jacksonville Jaguars,” Khan said. “I have known Wayne for some time and have long admired his spirit, which nearly 20 years ago – against all odds – helped make the Jaguars and the National Football League a reality for Jacksonville and North Florida. Wayne’s legacy will be lasting, and I will always be grateful for Wayne’s trust and confidence in my commitment to the Jaguars, the NFL and the people of the Jacksonville community.”

“Owning a team in the National Football League has long been my personal and professional goal,” Khan said. “Becoming the owner of the Jacksonville Jaguars would be a dream come true for me and my family but, above all, would be a privilege. To that end, I would like to thank Commissioner Roger Goodell and members of his team for their counsel and guidance throughout my efforts over the past several years.

“I am now looking forward to the review process in accordance with league policy. If the proposed transaction is approved in the weeks ahead, I will responsibly and enthusiastically serve the NFL, the Jacksonville Jaguars and their great fans, and I will be fully committed to delivering Jacksonville its first Super Bowl championship. 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.”

It’s not much to go by, but so far Shahid Khan sounds like a stand up individual and an exciting new owner. And if his mustache is any indication, he certainly has a passion for excellence.

To join in the conversation about all these changes, drop by SB Nation’s blog on the Jaguars, Big Cat Country.

Shahid Khan And A Mustache Of Excellence

Jacksonville Jaguars Sale: Wayne Weaver Tells Buyers 'We're A Jacksonville Franchise'

Wayne Weaver announced during a Tuesday news conference he will sell the Jacksonville Jaguars to Shahid Khan, ending his 18-year tenure as the owner of Jacksonville's first--and, to date, only--major professional sports team. But Weaver also said he would not sell to any buyer who intended to move the Jaguars away from the River City.

"I had calls from [prospective buyers in] California I refused to take," Weaver said. "I'd just say, 'We have no interest. We're a Jacksonville franchise.'"

Khan, who did not appear at the press conference, is expected to keep the team in Jacksonville; Weaver would not have agreed to sell to him otherwise. However, Weaver noted Khan did not commit in writing to keeping the team in Jacksonville, choosing instead to "trust in [Khan's] human nature."

The sale has yet to be completed. The NFL's owners will vote on it Dec. 14. If approved, Khan would take over the Jaguars on Jan. 4. Until then, Weaver remains in charge, as he made clear throughout the press conference, and no more clearly than when he responded to a question about whether pressure from Jags fans forced him to fire coach Jack Del Rio.

"At the end of the day, the buck stops on my desk," Weaver said.

Shahid Khan Set To Buy Jaguars, Would Become First Minority Owner In NFL History

Early Tuesday morning, word broke that the Jacksonville Jaguars owner Wayne Weaver is selling the franchise. This is not unexpected news, as there have been rumors for some time that the Jaguars were for sale, but the timing of the announcement is a shock. Not only did the Jaguars fire their head coach Jack Del Rio today, but they have also announced their new owner — Shahid Khan — and gave GM Gene Smith a three-year extension.

So who is Shahid Khan? Khan is an Illinois-based businessman that owns and runs an auto manufacturing company called Flex-N-Gate. He was interested in buying the St. Louis Rams last year, but that fell through when minority owner Stan Kroenke outbid him. Khan reportedly intends to keep the Jaguars in Jacksonville.

Khan is a Pakistani-American, so if he gets approved by the NFL, he will become the first minority owner of an NFL franchise. The NFL is one of the last of the major sports to have a non-white owner, so this would be a welcome step for the league as a whole.

To join in the conversation about all these changes, drop by SB Nation’s blog on the Jaguars, Big Cat Country.

Despite Ownership Change, Jaguars Extend Contract Of GM Gene Smith

A busy day for the Jaguars continues, after firing their head coach and selling the team, the Jaguars have elected to extend the contract of GM Gene Smith for three more years.

Jaguars Will Be Sold To Shahid Kahn, Set To Stay In Jacksonville

According to reports, Wayne Weaver will be selling the Jacksonville Jaguars on Tuesday, and the buyer appears to be Shahid Kahn.