Auto Parts Magnate Buys NFL's Jacksonville Jaguars

Law360, New York (November 29, 2011, 7:27 PM EST) -- The owner of the National Football League's Jacksonville Jaguars will sell the franchise to Illinois businessman Shahid Khan, who has committed to keep the small-market team in north Florida, the parties announced Tuesday.

The terms of the deal were not disclosed. Forbes has pinned the value of the franchise at $725 million, the lowest in the NFL. The team, which is 3-8 so far this season, ranks 26th in attendance out of the league's 32 teams this year, according to ESPN.

Khan owns Illinois-based Flex-N-Gate Corp.,...
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