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.