The Jacksonville Jaguars National Football League (NFL) franchise has been bought by Pakistani-born businessman Shahid Khan. The outgoing owner, Wayne Weaver, who has owned the Jaguars since the team’s inception, announced the news on Tuesday at the team’s home stadium, EverBank Field.

Khan, the owner and chief executive of auto parts company Flex-N-Gate, was reported by Forbes to have paid US$760 million for the franchise. It also said US$350 million of debt will be used to fund the acquisition – 46 per cent of the overall transaction. The deal is subject to the approval of the National Football League and the 31 other team owners.

According to Weaver, who bought the Jaguars in 1993 for US$208 million, Khan is to keep the franchise in Jacksonville. He is expected to reveal more details of his ownership at a news conference next Monday, the 5th December.

Picture by Minds-eye