JACKSONVILLE, Fla. -- The Jacksonville Jaguars have officially transferred ownership from Wayne Weaver to Shahid Khan.
The transfer took place Wednesday afternoon, ushering in a new era for the small-market franchise that has been in existence since 1993.
Weaver agreed to sell the franchise to Khan on Nov. 29 for $770 million. The deal included a $660 million sale price and $110 million in debt.
Weaver says he has "great confidence in Shad and his family that the franchise is in good hands."
Khan, an Illinois businessman who tried to buy the St. Louis Rams in 2010, began negotiating to buy the Jaguars later that year. He wants to assure fans he "will do everything possible to build a consistent winner on the field and a model franchise off the field."
Copyright 2012 by The Associated Press