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Pakistan-born businessman Shahid Khan buying NFL's Jaguars

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It was a day full of shakeups for the Jacksonville Jaguars, as the team announced a new owner and new head coach. But fans in Jacksonville will be relieved to know the team has no plans to relocate.

Current Jaguars owner Wayne Weaver held a press conference to announce that he will be selling the team. The buyer is Shahid Khan, an automobile parts manufacturer who moved to the United States from Pakistan at age 16.

Khan, who owns the Illinois-based Flex-N-Gate Corporation, has long been interested in owning an NFL franchise. He made previous overtures toward a piece of the Jaguars, as well the St. Louis Rams before they were sold to Stan Kroenke.

Khan's engineering company brings in an estimated $2.57 billion in revenue each year, according to Forbes. Forbes recently named the Jaguars as the league valuable franchise in the NFL at $725 million, although the sale price is not known.

At the press conference, Weaver assured fans that Khan plans to keep the team in Jacksonville. Reports have surfaced in recent years that a new owner may look to move the franchise, with Los Angeles being a prime candidate to host the team. Weaver told reporters that Khan will buy a house in Jacksonville and plans to become involved in the community.

In addition to the shakeup in ownership, Weaver also announced the firing of head coach Jack Del Rio. Del Rio was in his ninth season at the helm of the Jaguars. He took the team to two playoff appearances, but none since 2007, and the team was off to a 3-8 start this season.

Del Rio finishes his Jacksonville tenure tied with former coach Tom Coughlin as the franchise's all-time leader in wins (68). Del Rio has been plagued by inconsistency at the quarterback position. Byron Leftwich and David Garrard were cut in recent years just days before the season began. Rookie Blaine Gabbert took over in Week 3 this season, but has been largely ineffective.

Defensive coordinator Mel Tucker will serve as the interim coach starting with Monday's game against San Diego. Weaver plans to conduct an extensive head coaching search beginning immediately.

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