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Jaguars Sold To Illinois Businessman Shahid Khan: AP Source

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JAGUARS SOLD
JACKSONVILLE, FL - NOVEMBER 27: Fans of the Jacksonville Jaguars watch the release of 10,000 balloons to end halftime ceremones during play against the Houston Texans November 27, 2011 at EverBank Field in Jacksonville, Florida. The Texans won 20 - 13. (Photo by Al Messerschmidt/Getty Images) | Getty
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JACKSONVILLE, Fla. — The Jacksonville Jaguars have reached an agreement to sell the small-market franchise to Illinois businessman Shahid Khan.

Majority owner Wayne Weaver made the announcement Tuesday, hours after he fired coach Jack Del Rio and gave general manager Gene Smith a three-year contract extension. He said Khan will have 100 percent control of the team.

Weaver called Khan "a great American success story" and said the Pakistan-born entrepreneur will keep the team in Jacksonville.

Khan is the owner and CEO of the Flex-N-Gate Group based in Urbana, Ill. Khan had been a candidate to buy controlling interest in the St. Louis Rams last year.

The sale of the franchise and the firing of Del Rio are the city's most significant news since the team's inception in 1993.

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