Jacksonville Jaguars Sold To Automotive Supplier

Luke Vandezande
by Luke Vandezande

The economy aside, it’s been a very good year for Shahid Khan, owner of Flex-N-Gate Corp.

“Becoming the owner of the Jacksonville Jaguars would be a dream come true for me and my family,” Kahn told Reuters.

Kahn agreed to buy the NFL team yesterday after unsuccessfully trying to buy the St. Louis Rams last year. Last year Flex-N-Gate sold $3 billion in parts to automakers including bumpers, facias and other stamped parts. The company employs 12,000 people at 57 facilities. The team’s former owner, Wayne Waver, seems optimistic about the sale despite its pending approval by both the NFL and its team owners.

“Shahid Khan is a great American success story and he will be an outstanding owner for this franchise and for this community,” Weaver said at a news conference. Weaver has owned the Jaguars since 1993.

“Owning a team in the National Football League has long been my personal and professional goal,” said Khan, who arrived in the United States in 1967 at the age of 16.

That ownership will come at what is actually a low price. Though the official numbers haven’t been announced, Forbes estimates the value to be lower than any other team at $ 725 million.

[Source: Automotive News]

Join the conversation