Pakistani-American buys Jacksonville Jaguars

[Karachiite]

NEW YORK—The Jacksonville Jaguars, long considered ripe for relocation, said Tuesday they have been sold to a businessman committed to keeping the team in town.

Owner Wayne Weaver agreed to sell the Jaguars to Pakistan native Shahid Khan, owner of auto parts maker Flex-N-Gate Group. The Jaguars, now in their 17th season, play in the National Football League's fourth smallest market but don't have the heritage of the smaller-market Green Bay Packers, Buffalo Bills and New Orleans Saints.

Financial terms weren't disclosed, but a person familiar with the deal put the sale price at about $750 million.

At a press conference Tuesday, Mr. Weaver said that the sale was "not about money, but finding the right partner to continue the legacy we've started here."

The Jaguars have in recent years battled for the attention of local fans. In 2009 the team had some games blacked out—NFL rules say games cannot be shown on television locally if they haven't sold out 72 hours before kickoff—and this season has worked hard to avoid having its games yanked off TV. The Team Teal initiative, dedicated to boosting support among the local community, has been credited with helping the club avoid blackouts over the past two seasons.

Jacksonville's local struggles, together with its low valuation, have spurred talk that the team is among franchises that could relocate to Los Angeles, the second-biggest media market in the U.S., but one without a professional football team. Mr. Weaver, however, seems to have had other plans.

"I've had calls from California that I've refused to take," he said at Tuesday's press conference. "[I wanted to] find someone who has the same passion about...football in Jacksonville as we do."

Mr. Weaver said that Mr. Khan, who is based in Illinois, will buy a home in Jacksonville, and that he believes the new owner is serious about keeping the team in northern Florida.

"This team is going to be in Jacksonville many years into the future," said Mr. Weaver.

"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," said Mr. Khan in a statement.

Sixty-year old Mr. Khan moved to the U.S. from Pakistan in 1967 to attend the University of Illinois at Urbana-Champaign. He began working at Flex-N-Gate in 1970 while still a student, then left in 1978 and returned to buy the company in 1980. Almost two-thirds of all North American pick-up trucks and sports utility vehicles have bumper systems made by a Flex-N-Gate company.

Mr. Weaver said Mr. Khan plans to keep the Jaguars management and staff in place, albeit without long-time head coach Jack Del Rio, whom Mr. Weaver fired on Tuesday. The team is struggling this season with a 3-8 record, and had a regular season record of 68-71 under Del Rio, with one playoff win and two losses.

Added Mr. Khan in a statement, "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."

The proposed sale will now go through the NFL's vetting process and should be put to an owners' vote on Dec. 14, said Mr. Weaver. He said he expects the deal to close in early January.

http://online.wsj.com/article/SB10001424052970204449804577068521537649462.html?mod=googlenews_wsj

 

[iPhone]

damn, wow, that's not MastanKhan is it?

 

[Abu Zolfiqar]

How do you spend that extra 760 million dollars you have laying around? If you’re Shahid Khan, you buy an NFL team. The 61-year-old Pakistani entrepreneur purchased the Jacksonville Jaguars professional football team based out of Jacksonville, Fla. After Khan’s unsuccessful bid to own the St. Louis Rams last year, he can finally say he has a team of his own.


Khan, 61, is known for giving large gifts to the University of Illinois and his passion for football, both college and pro.

In the legal arena, he has tangled for years with the Internal Revenue Service over his use of tax shelters from 1999 to 2003. The dispute with the IRS remains in court, and he also filed lawsuits against his former financial advisers.

For Jacksonville civic leaders who bonded with Wayne and Delores Weaver over the past 18 years, the arrival of a new Jaguars owner hits the reset button sooner than they anticipated. They said Tuesday they hope Khan will be as engaged as the Weavers have been in Jacksonville’s business and charitable organizations.

"I think when you’re buying a team, you’re buying a community, too," said Jerry Mallot, executive vice president of JAXUSA Partnership, the regional economic development organization. "We have high expectations that he’ll be a very positive influence on the community just as Wayne and Delores have been."

Khan did not meet with the media Tuesday. He will be introduced to Jaguars fans at the team’s Monday night game against San Diego.

He is owner and chief executive officer of the Flex-N-Gate Group, which has a full roster of automobile makers as clients. Flex-N-Gate employs about 12,500 people at 48 manufacturing plants and nine product development facilities in the United States, Canada, Mexico, Argentina and Spain, according to the company.

While still in his 20s, Khan founded his own company, Bumper Works, and developed a one-piece bumper design for trucks. The innovation made the bumpers more durable because they don’t require welds that are prone to rust. Most pickup trucks and sports utility vehicles now use that design.

Khan purchased Flex-N-Gate in 1980, drawing on his engineering background to guide the company’s growth.

"We’ve watched in fascination and awe at what he has accomplished in business," said Bill Sturtevant, senior principal gift consultant for the University of Illinois Foundation. "His business judgment is unparalleled."

Like the Weavers, Khan and his wife have been philanthropists in their community, particularly the University of Illinois. Khan came to the United States to attend the college and earn an engineering degree.

Most recently, the couple made a $10 million donation for the Khan Annex to Huff Hall, home to the university’s college of Applied Health Sciences.

"One of the great joys of my life is making money," Khan said at the September dedication ceremony. " ... What makes it even better is to use it to make a difference."

Sturtevant said the Khans have given millions to other causes: the performing arts center, college of business, five endowed professorships and the city’s public library. The Khan name is on the school’s outdoor tennis complex.

"Shad has always been one of the go-to people in the community," said Kent Brown, sports information director at the university. "He’s absolutely top-drawer, a great citizen and a great person."

Amid the business growth and philanthropy, Khan has tussled with the IRS. An federal review of tax returns from 1999 to 2003 identified five transactions that were "potentially abusive tax shelters," according to IRS documents filed in court. The Khans tried to shelter $250 million so they could cut their tax liability by about $85 million, the IRS said.

Khan told the The News-Gazette newspaper in Illinois that he and his wife fully paid the money in dispute, which he said was about $68 million. He also told the newspaper he hoped to recover the money through litigation.

A lawsuit by Khan against the IRS is still pending in U.S. Tax Court. He also is pursuing suits against his former financial advisers who helped set up the tax shelters.

Though Khan has deep roots in the Champaign-Urbana area, Jacksonville officials hope he will at least buy a second home here and even decide to make it his permanent residence as the Weavers did.

Sturtevant, the college foundation fundraiser, said Khan and his wife are "citizens of the world" in their travels, and he can easily see Khan spending much of his time in Jacksonville -- "especially in winter," he said with a laugh.

Ray Driver, chairman of a Chamber of Commerce committee that promoted Jaguars ticket sales, said the arrival of a new owner will give both Khan and the community a chance to engage.

"I think it will be a two-way street," he said. "The Weavers came in and embraced the community, and the community embraced them back. I hope Mr. Khan will do the same thing and the community will embrace him."

Khan came to the United States from Pakistan when he was sixteen with dreams of one day owning a business.

Though the Jacksonville Jaguars are currently at the bottom of the list of lucrative football teams, (the Dallas Cowboys, currently at the top, will cost you around 1.1 billion dollars) Khan tells the International Business Times owning the team is his dream come true.

Shahid Khan a business titan with passion for football - BostonHerald.com

 

[53fd]

Although I'm not a fan of NFL (the Jets suck), this is great news! Pakistan needs more positive headlines.

 

[EagleEyes]

The team colors are green too.

 

[Abu Zolfiqar]

strangely enough, i liked the NFL even before comin stateside


being in DC -- i support the Redskins though these numb-nuts were on a 6 game lose-streak until last week


speaking of jets -- they play the Skins on Sunday

 

[Pakistanisage]

Isn't Shahid Khan a front man for Zardari, Lol......

 

[AZADPAKISTAN2009]

I thought that was zardari with a wig

looks 39 only but it says he is 60 wtf

must drink alot of lasi

 

[happycanuck]

It is great news for all of us who are tired of negative image of Pakistanis in the world. I hope he mentors lots of young individuals to follow in his footsteps. We should thank Mr. Shahid Khan for his contribution to the society. I thank forum member KARACHIITE for posting this news.

 

[JonAsad]

Any chance of some Pakistani nazads in the team?-

 

[Devil Soul]

KOOOOOOOOOOOOOOOoooooooooOOOOOOOOOOOOOOOOOOOOOOOOLLLLLLLLLLLLLLLLLLLLLLLLL