For the first time ever, the Jaguars will have a new owner.
One day before the 18-year anniversary of the Jaguars being named an expansion franchise, the team told its employees Wayne Weaver sold the organization to Shahid Khan, a Pakistani-born businessman who tried to buy the St. Louis Rams last season. Khan will be the first minority to be a controlling owner of an NFL team.
He added that Khan will maintain the team's management group.
"He'll be hands-on ... not day-to-day like I am ... but he'll be here...," Weaver said.
The new owner will be introduced at Monday night's game against the Chargers. Weaver did not reveal terms of the sale. Forbes reported the deal to be valued at $760 million.
Weaver said he does not doubt that the Jaguars will remain in Jacksonville and also said Khan will buy a home in the area.
Shahid Khan,Shahid Khan a business titan and philanthropist with passion for football

Khan, who went to the University of Illinois, owns an auto parts manufacturing company called Flex-N-Gate.
Weaver said during a noon news conference that the change of hands will take effect after the season, and that he's known Khan for several years. He said he was willing to sell to Khan because he is passionate about the NFL and is willing to keep the team here in Jacksonville.
"This gentleman is absolutely the American story," Weaver said, speaking about his immigrant roots and his drive to become an engineer and the owner of a company that employs 10,000-plus people.
The Jaguars have also extended General Manager Gene Smith's contract for three years. Smith turned down a contract extension before the season began.
Smith has been with the Jaguars since they began and rose from being a scout under then-coach Tom Coughlin.
The news came the same day as the Jaguars fired head coach Jack Del Rio, who was in his ninth season. The Jaguars are 3-8 and mathematically eliminated from winning the AFC South. Del Rio finished with a 68-71 record.


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