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League’s finance committee approves Jaguars sale

96756_Jaguars_Sale_Football AP

What a difference a year makes.

In 2009, the NFL’s finance committee reportedly had concerns regarding the manner in which Shahid Khan planned to finance a purchase of 60 percent of the St. Louis Rams, at a cost of roughly $450 million.  The league never had to actually vote on the transaction because minority owner Stan Kroenke opted to exercise his contractual right to match Khan’s offer for the equity held by the children of the late Georgia Frontiere.

Now, with Khan intending to buy 100 percent of the Jaguars for $760 million, Daniel Kaplan of SportsBusiness Journal reports that the finance committee unanimously has approved the sale — only eight days after it came to light.

Last time, Kaplan reported that the finance committee had concerns regarding Khan’s intention to borrow against Flex-N-Gate, the automotive company that Khan owns.  This time, the details of the transaction have not been disclosed.

The speed with which the purchase has been approved highlights the extent to which outgoing owner Wayne Weaver and Khan were able to keep their dealings under wraps.  Buying a football team is slightly more complex than buying a car; much background work is required, and the process consumes months.

It’s unclear why Weaver and Khan insisted on keeping things quiet until the deal was nearly done.  But they wanted to do it, and they succeeded.

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33 Responses to “League’s finance committee approves Jaguars sale”
  1. joetoronto says: Dec 7, 2011 7:16 AM

    I’d love to be a fly on the wall at the next owners meeting.

  2. lionsftw says: Dec 7, 2011 7:25 AM

    Now, with Khan intending to buy 100 percent of the Rams for $760 million, Daniel Kaplan of SportsBusiness Journal reports that the finance committeeunanimously has approved the sale
     — only eight days after it came to light.
    Greatest businessman ever, he actually sold a team he didn’t own!

  3. jimmysee says: Dec 7, 2011 7:30 AM

    That was fast.

  4. jc1958cool says: Dec 7, 2011 7:30 AM

    who wants to buy a team that can’t sell out?
    no QB , what a waste

  5. ivedoneyourwife says: Dec 7, 2011 7:35 AM

    They kept it under wraps because of the circus buzz it would create. Look what happened over the last week. Could you imagine what would happen if it drug out for months?

  6. lookatthefarside says: Dec 7, 2011 7:51 AM

    L.A. the Final Frontier…..this will be the last voyage of the USS Jaguar. To meekly go where others have gone before…KHAAAAAAAAAAAAAN!!!!!

  7. GG Eden says: Dec 7, 2011 7:51 AM

    Lack of transparency = shenanigans at hand

  8. pftstory says: Dec 7, 2011 7:52 AM

    Avoiding 500 questions a day of “Is the team moving” could be one reason to keep it under wraps.
    At least they delayed those questions until now.

    Plus, why did anyone need to know?

  9. dhawk12 says: Dec 7, 2011 8:01 AM

    Will they keep the name “Jaguars” when they move to LA? People there might find it odd to have a football team named after a car.

  10. lincolnhawk77 says: Dec 7, 2011 8:04 AM

    They probably kept the sale under wraps because of all those lazy “journalists” that would insist the team would be moving to LA.

  11. dhawk12 says: Dec 7, 2011 8:06 AM

    Perhaps I should have clarified that was a joke. The sale stipulates he won’t move the team…

  12. zoxitic says: Dec 7, 2011 8:19 AM

    Also a key point to remember is that Wayne Weaver declined an offer of 40 million dollars more than Khan’s to sell to Los Angeles.

    This team isn’t going anywhere. It’s the JACKSONVILLE Jaguars. Get used to it.

  13. almighty1 says: Dec 7, 2011 8:20 AM

    My goodness, its Claude Henry Smoot! Heal me!

  14. reed20fence says: Dec 7, 2011 8:23 AM

    All the best to Shahid Khan and the Jags!

  15. golonger says: Dec 7, 2011 8:54 AM

    Also, saying he turned down a “higher” offer is meaningless…..maybe he didn’t like the financing structure…who knows…..or…just didn’t want to sell at that time!

  16. nationalmediacansuckit says: Dec 7, 2011 9:08 AM

    lookatthefarside says:
    Dec 7, 2011 7:51 AM
    L.A. the Final Frontier…..this will be the last voyage of the USS Jaguar. To meekly go where others have gone before…KHAAAAAAAAAAAAAN!!!!!
    ——————————————
    So you really believe the owners of San Diego, St. Louis, Tampa, Buffalo, Oakland, Minn who have been owner for deacades are going to let this new cat come in and make all this LA money. Really. Don’t you think they are going to get that 24 out of 32 owner vote to swing their way. Hate all you want but the Jaguars will be in Jax.

  17. suhnum1fan says: Dec 7, 2011 10:15 AM

    Is Khan from the Middle East?

  18. robigd says: Dec 7, 2011 10:29 AM

    People forget that when Jacksonville was initially awarded a team, they consistently sold out all 76867 (no tarps) in the stadium.

    The team was explosive and exciting to watch back then.

    I have a feeling they will return to those ways under Khan.

  19. rockymtnphinfan says: Dec 7, 2011 10:34 AM

    @suh: Is Donkeykong Suh from Africa?

  20. rockymtnphinfan says: Dec 7, 2011 10:35 AM

    They kept this stuff quiet because they don’t want Jacksonville to know they are about to lose their team to LA!

  21. bbrophy1 says: Dec 7, 2011 10:40 AM

    cue all the newspaper headlines “….feels the wrath of Khan” when this man comes in and makes his personnel moves

  22. godofwine330 says: Dec 7, 2011 10:40 AM

    @ suhnum1fan says:

    Is Khan from the Middle East?

    ______________________

    What does it matter if he is? America is a place made up of people from EVERY country, continent, ethnic and religious background. Any prejudices you or anyone else has shows pure ignorance when we should be beyond such a thing as human beings, a group we are all a part of.

    Now, I doubt that Khan will keep the Jags in Jacksonville because there is no money to be made there. No sell outs, no money.

  23. couldntthinkofaname says: Dec 7, 2011 12:03 PM

    zoxitic says: Dec 7, 2011 8:19 AM

    Also a key point to remember is that Wayne Weaver declined an offer of 40 million dollars more than Khan’s to sell to Los Angeles.

    This team isn’t going anywhere. It’s the JACKSONVILLE Jaguars. Get used to it.

    _________

    Much like the NFL is used to you guys not being able to sell out for MNF games, games where you have a shot to make the playoffs, let alone any other game.

  24. rajbais says: Dec 7, 2011 12:19 PM

    That’s a very distinguished mustache.

  25. golonger says: Dec 7, 2011 4:25 PM

    sorry..Jags are moving…..the commitment to stay in the deal is meaningless…..it is just so Weaver can save face with fans….he is moving the team and nothing can be done to stop him…..sorry Jags fans

  26. golonger says: Dec 7, 2011 5:12 PM

    what a disaster….disaster franchise…….Slim Whittman as owner….LOL!

  27. golonger says: Dec 7, 2011 5:18 PM

    nationalmediacansuckit – just keep coming up with these wild scenarios as to why the Jags cant move…..LOL….it is still going to happen….wake up!!

  28. nationalmediacansuckit says: Dec 7, 2011 6:46 PM

    golonger says:
    Dec 7, 2011 5:18 PM
    nationalmediacansuckit – just keep coming up with these wild scenarios as to why the Jags cant move…..LOL….it is still going to happen….wake up!!
    ——————————————————–
    No wild scenario, just reality my friend. But since you seem to know the ins and outs that this team is moving, please enlighten us. I’m interested in your inside info. Also a little suggestion, grown men should never write “LOL”.

  29. egetto says: Dec 8, 2011 5:54 PM

    Hey Jax haters, try to comprehend the new owners comments….read very slowly and really concentrate….you can do it:

    Khan said, “It is absolutely a pleasure for me to be here. It is a night that I am going to remember for a long, long time.”

    He was asked about the fans’ comfort in the future of the Jaguars in Jacksonville.

    “Let me just say let them wait until next week. They will be very comfortable next week [after the sale is formally approved],” Khan said. “Hopefully, if the vote goes the way we are expecting, I will be happy to elaborate on it. They will not be disappointed.”

  30. bigvinnyinjax says: Dec 9, 2011 8:11 AM

    @egetto, I am very anxious to find out just exactly what Mr Khan is talking about. He obviously is planning some sort of announcement next week. Something that will make the fans comfortabe. Hmm. That would be more than just an assurance that he’s keeping the team in Jax.

    Cutting ticket prices? Remodling the stadium? Wonder what’s going on behind that big moustache of his……

  31. bigvinnyinjax says: Dec 9, 2011 8:13 AM

    This is an out-of-date picture of Mr. Khan. He has really wild hair now to go along with that slick Khanstache. The guy’s a cool customer, and he will turn the team, and the franchise, around.

  32. egetto says: Dec 11, 2011 8:57 PM

    @bigvinny……I’m thinking naming a big name coach and basically committing to the city that he is here to build a winner……I think some pretty bold moves in the offseason with free agent wide receivers and a DE……..he has ties to the area business wise and sees great upside for this city……not just the team but the stadium, revitalizing downtown…..just like the team roster, the support is not far away with 60k showing up every week for a struggling team…..I think he is going to fire this place up wednesday

  33. egetto says: Dec 11, 2011 8:58 PM

    @bigvinny……I’m thinking naming a big name coach and basically committing to the city that he is here to build a winner……I think some pretty bold moves in the offseason with free agent wide receivers and a DE……..he has ties to the area business wise and sees great upside for this city……not just the team but the stadium, revitalizing downtown…..just like the team roster, it’s coming

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