The Jaguars had been owned by Weaver since 1993, when he was instrumental in brining the start-up franchise to the city.
"All the building blocks are there to have a winner on the field," he said.
Kahn will officially be the team's owner on Jan. 4, 2012. He had previously been interested in purchasing the St. Louis Rams in 2010.
Tags: Football, Jacksonville, Jacksonville Jaguars, NFL, Shahid Khan, Wayne Weaver