According to the St. Louis Post-Dispatch, Illinois businessman Shahid Khan has signed an agreement to buy a majority stake of the St. Louis Rams. The deal is expected to be finalized in a month or so. The terms of the agreement have not yet been announced.
Businessman Shahid Khan Reportedly Agrees To Buy Rams
Khan is the president of the auto-parts manufacturer Flex-N-Gate, based out of Urbana, Illinois. He has lived in central Illinois for the past 40 years, and his plans to keep the Rams in St. Louis reportedly played a large role in Rams’ owners Chip Rosenbloom and Lucia Rodriguez’s decision to sell the team to him.
It was not immediately clear whether minority owner Stan Kroenke would keep his 40% stake in the team, or sell it to Khan as well, who would reportedly be willing to buy him out. Kroenke is the owner of the Denver Nuggets and Colorado Avalanche, but since the NFL bars cross-ownership, he is not allowed to own a controlling stake of the Rams.
For the Rams, the apparent sale to Khan ends a long drawn-out process that saw the Rams at one time linked to an ownership group that included Rush Limbaugh, as well as whispers that the owners were having a difficult time fetching close to the listed value of the franchise.
For more on the St. Louis Rams, head over to SB Nation’s Turf Show Times.
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