From AP - News Headlines -

Jaguars Being Sold to Urbana Businessman

The NFL's Jacksonville Jaguars have reached an agreement to sell the small-market franchise to Urbana 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 plans to keep the team in Jacksonville.

Khan, a University of Illinois alumnus, 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. In September, the U of I named an addition to its College of Applied Sciences after Khan and his wife Ann, who donated $10 million to help fund construction of the facility.

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.

(With additional reporting from Illinois Public Media)

Categories: Biography, Business, Sports