Forbes

Forbes Building on Fifth Avenue in New York City (now owned by New York University)
Editor-in-chief	Steve Forbes
Publisher	Forbes publishing
First issue	1917
Country	United States
Based in	New York City
Language	English
Website	forbes.com
ISSN	0015-6914

Forbes is an American business magazine owned by Forbes, Inc. Published biweekly, it features original articles on finance, industry, investing, and marketing topics. Forbes also reports on related subjects such as technology, communications, science, and law. Headquarters are in New York City. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Businessweek which recently was sold to Bloomberg. The magazine is well known for its lists, including its lists of the richest Americans (the Forbes 400) and its list of billionaires. The motto of Forbes magazine is "The Capitalist Tool." Its editor-in-chief is Steve Forbes.

Company history[link]

B. C. Forbes, a financial columnist for the Hearst papers, and his partner Walter Drey, the general manager of the Magazine of Wall Street,^[1] founded Forbes magazine in 1917.^[2] Forbes provided the money and the name and Drey provided the publishing expertise. The original name of the magazine was Forbes: Devoted to Doers and Doings.^[1] Drey became vice-president of the B.C. Forbes Publishing Company,^[3] while B.C. Forbes became editor-in-chief, a post he held until his death in 1954. B.C. Forbes was assisted in his later years by his two eldest sons, Bruce Charles Forbes (1916–1964) and Malcolm Stevenson Forbes (1917–1990).

Bruce Forbes took over on his father's death, and his strengths lay in streamlining operations and developing marketing.^[2] During his tenure, 1954–1964, the magazine's circulation nearly doubled.^[2]

On Malcolm's death, his eldest son Malcolm Stevenson "Steve" Forbes Jr. (1947–) became President and Chief Executive of Forbes and Editor-in-Chief of Forbes magazine.^[4] Between 1961 and 1999 the magazine was edited by James Michaels.^[5] In 1993, under Michaels, Forbes was a finalist for the National Magazine Award.^[6] In 2006, an investment group Elevation Partners that includes rock star Bono bought a minority interest in the company.^[4][7] A 2009 New York Times report said: "40 percent of the enterprise was sold ... for a reported $300 million, setting the value of the enterprise at $750 million. According to Mark M. Edmiston of AdMedia Partners, 'It’s probably not worth half of that now.'"^[8]

Forbes headquarters on 5th Avenue in Manhattan (now owned by New York University)

Other publications[link]

Apart from Forbes and its lifestyle supplement, Forbes Life, other titles include Forbes Asia and fifteen local language editions. Steve Forbes and his magazine's writers offer investment advice on the weekly Fox TV show Forbes on Fox and on Forbes On Radio. Other company groups include Forbes Conference Group, Forbes Investment Advisory Group and Forbes Custom Media. From the 2009 Times report: "Steve Forbes recently returned from opening up a Forbes magazine in India, bringing the number of foreign editions to 10. In addition, this year the company began publishing ForbesWoman, a quarterly magazine with a companion Web site."^[8]

The company formerly published American Legacy magazine as a joint venture, although that magazine separated from Forbes as of May 14, 2007.^[9]

The company also formerly published American Heritage and Invention & Technology magazines. After failing to find a buyer, Forbes suspended publication of these two magazines as of May 17, 2007.^[10] Both magazines have since been purchased by the American Heritage Publishing Company, and have resumed publication as of Spring 2008.^[11]

Forbes.com[link]

David Churbuck founded Forbes' Web site in 1996. The site uncovered Stephen Glass' journalistic fraud in The New Republic in 1998, an article that drew attention to internet journalism. At the peak of media coverage of alleged Toyota sudden unintended acceleration in 2010 it exposed the California “runaway Prius” as a hoax, as well as running five other articles by Michael Fumento challenging the entire media premise of Toyotas suddenly gone bad. The site, like the magazine, publishes many lists focusing on billionaires and their possessions, especially expensive homes, a critical aspect of the website's apparent popularity.^[12]

Forbes.com employs the slogan "Home Page For The World's Business Leaders" and sometimes claims to be the world's most widely visited business web site.^[13]

The company's current chief executive officer is Mike Perlis; the current chief product officer is Lewis D'vorkin; the current editor of the magazine is Randall Lane.

Forbes.com now employs a new slogan – "Information for the World's Business Leaders". According to Forbes.com, the Web site is among the most trusted resources for senior business executives, providing them the real-time reporting, uncompromising commentary, concise analysis, relevant tools and community they need to succeed at work, profit from investing and have fun with the rewards of winning.

Forbes.com also publishes subscription investment newsletters, and an online guide to web sites, Best of the Web.

Forbes.com is part of Forbes Digital, a division of Forbes Media LLC. Forbes' holdings include a portion of RealClearPolitics. Together these sites reach more than 27 million unique visitors each month.

The 2009 Times report said that, while "one of the top five financial sites by traffic [throwing] off an estimated $70 million to $80 million a year in revenue, [it] never yielded the hoped-for public offering."^[8]

Sale of headquarters to New York University[link]

In January 2010, Forbes reached an agreement to sell its headquarter building located on Fifth Avenue in Manhattan to New York University. Terms of the deal were not publicly reported, but Forbes will continue to occupy the space under a five year sale-leaseback arrangement.^[14]

In popular culture[link]

The popularity of Forbes magazine has extended to mainstream and Hip-Hop culture. 50 Cent has released the official remix to his hit single, "I Get Money" off his September 11, 2008 album, Curtis, entitled Forbes 1,2,3 (also known as the "Billion Dollar Remix"). The title of the song comes from the fact that Jay-Z, 50 Cent, and Diddy were listed as Forbes' Top 3 money-making Kings of Hip-Hop, respectively. The unfinished video for Forbes 1,2,3 can be seen as the intro to 50 Cent's single, "I Still Kill" featuring Akon, off his multi-platinum album Curtis. As well, in the song "Billionaire" by Travie McCoy feat. Bruno Mars, it mentions being on "the cover of Forbes magazine, smilin' next to Oprah and the Queen."

Notes[link]

Further reading[link]

• Forbes, Malcolm S. (1974) Fact and Comment Knopf, New York, ISBN 0-394-49187-4; twenty-five years of the editor's columns from Forbes
• Grunwald, Edgar A. (1988) The Business Press Editor New York University Press, New York, ISBN 0-8147-3016-7
• Holliday, Karen Kahler (1987)A Content Analysis of Business Week, Forbes and Fortune from 1966–1986 Masters of Journalism thesis from Louisiana State University, Baton Rouge, 69 pages, OCLC 18772376, available on microfilm
• Kohlmeier, Louis M.; Udell, Jon G. and Anderson, Laird B. (eds.) (1981) Reporting on Business and the Economy Prentice-Hall, Englewood Cliffs, New Jersey, ISBN 0-13-773879-X
• Kurtz, Howard (2000) The Fortune Tellers: Inside Wall Street’s Game of Money, Media, and Manipulation Free Press, New York, ISBN 0-684-86879-2
• Tebbel, John William and Zuckerman, Mary Ellen (1991) The Magazine in America, 1741–1990 Oxford University Press, New York, ISBN 0-19-505127-0
• Parsons, D. W. (1989) The Power of the Financial Press: Journalism and Economic Opinion in Britain and America Rutgers University Press, New Jersey, ISBN 0-8135-1497-5

External links[link]

Wikimedia Commons has media related to: Forbes

• Official website

This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (February 2010)

Introduction[link]

The Forbes 400 or 400 Richest Americans (first published in 1982) is a list published by Forbes Magazine magazine of the wealthiest 400 Americans, ranked by net worth. The list is published annually in September, and 2011 marks the 30th issue.^[1] The 400 was started by Malcolm Forbes in 1982. Peter W. Bernstein and Annalyn Swan describe the Forbes 400 as capturing "a period of extraordinary individual and entrepreneurial energy, a time unlike the extended postwar years, from 1945 to 1982, when American society emphasized the power of corporations." Bernstein and Swan also describe it as representing "a powerful argument - and sometimes a dream - about the social value of wealth in contemporary America."^[2]

Criteria[link]

The Forbes 400 reports who dominates the wealth in America. They annually create a list of the richest people in America to exhibit the shape of the economy. The magazine displays the story of someone's rise to fame, their company, age, industrial residence, and education. The list portrays the financial shift of trends, leadership positions, and growing philanthropy intentions.^[3]

First List - 1982[link]

In the first Forbes 400 list, there were only 13 billionaires, and as little as $75 Million secured you a spot on the list. The 1982 list represented 2.8% of the Gross Domestic Product of the United States. The 1982 Forbes 400 had 22.8% of the list composed of oil fortunes, with 15.3% from manufacturing, 9% from finance and only 3% from technology driven fortunes. The state of New York had the most representation on the list with 77 members followed by California with 48.^[4]

2000 List[link]

In the year 2000, Forbes 400 saw the highest percent of the Gross Domestic Product represented by the list at 12.2% driven by the internet boom.^[5]

2010 list[link]

In 2010, the combined wealth of the 400 was $1.37 trillion, up from $1.27 trillion in 2009 but still below the total in 2008 ($1.57 trillion) and 2007 ($1.54 trillion). The minimum to make the list in 2010 was once again back to $1 billion. It had fallen below $1 billion in 2009 for the first time since 2006.

Bill Gates is the richest man in America, ranking number one on the 400 list for the 17th year in a row. Gates has been on the list since 1986.^[6]

There were 16 new members on the list in 2010 and 18 returnees, including William Ford Sr. The oldest member on the list is David Rockefeller Sr. (#153), age 95. The youngest member is Dustin Moskovitz (#290), age 26, who is 8 days younger than Facebook cofounder and former roommate Mark Zuckerberg.

There are 42 women on the Forbes 400 in 2010, with a combined net wealth of $154 billion. California has the most Forbes 400 members, with 83, followed by New York (64), Texas (45) and Florida (26).

The 2010 list has 4 members under the age of 30, 3 members between 30 to 39, 34 members from 40 to 49, 95 members from 50 to 59, 108 members from 60 to 69, 91 members from 70 to 79, 56 members from 80 to 89, and 9 members age 90 and up. There are currently 6 heirs to the Walmart fortune on the list: Tied at #12 Jim Walton, Christie Walton, and S. Robson Walton, #15 Alice Walton, #165 Ann Walton Kroenke, and #204 Nancy Walton Laurie.^[7] The Forbes 400 online has political contributions from the past four years for any American billionaire with records in the Federal Election Commissions database, as well as badges to indicate their passion and pursuits.

Demographics[link]

Over the first 25 years of the Forbes 400 list, 1,302 different people made the list. 97 immigrants and 202 women (15.5%) made the list in that time. 4 of the top 5 richest people in America in 2006 were college dropouts: Bill Gates, Sheldon Adelson, Larry Ellison, and Paul Allen.^[8]

The Forbes 400 is currently edited by Luisa Kroll.

See also[link]

• List of members of the Forbes 400
• 40 under 40 (Fortune Magazine)
• Sunday Times Rich List

References[link]

External links[link]

• Official Website
• 2011 List

Sara Blakely
Blakely at the 2012 Time 100 gala
Born	(1971-02-21) February 21, 1971 (age 41) Clearwater, Florida, United States
Citizenship	U.S.
Alma mater	Florida State University
Occupation	Businesswoman
Net worth	US$ 1 billion (2012)[1]
Spouse	Jesse Itzler
Children	Lazer Blake Itzler

Sara Blakely (born February 21, 1971) is an American businesswoman. In 2000, Blakely founded Spanx, a multi-million dollar undergarment company.^[2] She is the world's youngest self-made female billionaire.^[3]

Biography[link]

Sara Blakely was born on February 21, 1971,^[4] in Clearwater, Florida, the daughter of a lawyer and an artist. She graduated from Florida State University, with a degree in communications. While attending she was a member of Delta Delta Delta sorority, and worked part time at Walt Disney World.^[5]

Career[link]

Blakely joined local stationery company Danka, and began selling fax machines door-to-door.^[6]

In the heat and humidity of Florida, she tried unsuccessfully to find pantyhose that didn't have seamed toes, and that didn't roll up the leg when she cut them. Investing her life-savings of $5,000 she moved to Atlanta, researching and then trying to reach production deals with local manufacturers. Sam Kaplan, co-owner of the Charlotte, N.C. based Highland Mills, didn't buy Blakely's pitch until polling his two daughters on what they thought of footless pantyhose. Their reaction was unanimous: They'd buy it. Kaplan decided to take Blakely's order after all, and by August 2000, she had her first 3,000 pairs of hose. ^[7]

Having read books on marketing, she designed her own logo on a friend's computer, and then to save the $3,000 legal fee needed to trademark the Spanx name, used a Barnes & Noble textbook and learned how to do it herself. In 2000 she launched the Spanx brand from her home, undertaking all initial calls and marketing herself across North America. The Spanx company and brand are now valued at more than $1 billion.

In 2006, she launched the Sara Blakely Foundation to help women through education and entrepreneurial training, and has funded scholarships for young women at Community and Individual Development Association City Campus in South Africa. She appeared on The Oprah Winfrey Show in 2006 and donated $1 million to Oprah Winfrey's Leadership Academy.

Blakely was a contestant on The Rebel Billionaire, and starred as one of the judges on ABC's reality television series, American Inventor. She also guest-starred on Free Radio in January 2008.

Personal life[link]

In 2008, Blakely married Jesse Itzler.^[8] In 2009, Blakely gave birth to their son, Lazer Blake Itzler.

References[link]

External links[link]

• Sara Blakely on IMDb
• Sara Blakely on ABC.com: American Inventor - Bio Page

This article about an American businessperson born in the 1970s is a stub. You can help Wikipedia by expanding it. v t e

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Sean Parker
Born	1979 (age 32–33)
Education	Oakton High School, Chantilly High School
Occupation	Board of Directors at Spotify Board of Directors at Yammer[1] Managing Partner at The Founders Fund Co-founder of Plaxo, Napster, Airtime, and Causes Founding President of Facebook
Net worth	US$2.1 billion (2012)[2]

Sean Parker (born 1979) is an American entrepreneur who was a co-founder of the file-sharing computer service Napster and the first president of the social networking Web site Facebook. He also co-founded Plaxo, Causes, and Airtime.^[3][4][5][6] As of March 2012, Parker's net worth was estimated to be $2.1 billion.^[2]

Early life[link]

Parker was born in Herndon, Virginia to Diane Parker, a TV advertising broker, and Bruce Parker, a U.S. government oceanographer.^[7][4][8][3] When Parker was 7, his father taught him how to program on an Atari 800.^[3] Parker’s father, who put his family over his entrepreneurial dreams, told Parker "if you are going to take risks, take them early before you have a family."^[9]

As a teenager, Parker’s hobbies were hacking and programming.^[4] One night, while hacking into the network of a Fortune 500 company, Parker was unable to logout after his father unplugged his computer keyboard.^[4] Because his IP address was exposed, F.B.I. agents tracked down the 16-year-old.^[4] Since Parker was a minor, he was sentenced to community service.^[4]

Education[link]

Parker attended Oakton High School in Fairfax County, Virginia for two years before transferring to Chantilly High School in 1996 for his junior and senior years.^[10] While there, Parker wrote a letter to the school administration and persuaded them to count the time he spent coding in the computer lab as a foreign language class.^[10] As a result, towards the end of Parker’s senior year at Chantilly, he was mostly writing code and starting companies.^[10] He graduated in 1998. While still in high school, he interned for Mark Pincus (the current CEO of Zynga) at Pincus's Washington D.C. startup FreeLoader.^[11] He won the Virginia state computer science fair for developing a Web crawler, and was recruited by the C.I.A..^[3] By his senior year of high school, Parker was earning more than $80,000 a year through various projects, enough to convince his parents to allow him to skip college and pursue a career as an entrepreneur.^[3]

As a child, Parker was an avid reader, which was the beginning of his lifelong autodidacticism.^[4][12] Despite his lack of formal education, Parker is sometimes referred to as a "genius."^{[13][14][15][16][17]} He considers his time at Napster to be his college education, calling it "Napster University," since he became well-versed in ­intellectual property law, corporate ­finance, and entrepreneurship.^[18]

Ventures[link]

Napster[link]

When Parker was 15, he met 14 year-old Shawn Fanning over the internet, where the two bonded over topics like theoretical physics and hacking.^[4][19] A few years later, Fanning and Parker co-founded Napster, a free file-sharing service for music.^{[20][21][22][23][24][25][26]} Parker raised the initial $50,000, and they launched Napster in June 1999.^[27] Within a year, the service had tens of millions of users.^[4] Napster was opposed by recording labels, the Recording Industry Association of America, and the heavy metal band Metallica,^[28] among others. Lawsuits by various industry associations eventually shut down the service.^[29][30][26] Napster has been called the fastest growing business of all time, is credited with revolutionizing the music industry and served as a precursor to iTunes.^{[31][32][33][34][35]}

Plaxo[link]

In November 2002, Parker subsequently launched Plaxo, an online address book and social networking service that integrated with Microsoft Outlook.^[36] Plaxo was one of the first products to build virality into its launch, and that earned it 20 million users.^[37][38] Plaxo was an early social networking tool, which would later influence the growth of companies like LinkedIn, Zynga and Facebook.^[39] Two years after founding Plaxo, Parker was ousted by the company’s financiers, Sequoia Capital and Ram Shriram, in an acrimonious exit that reportedly involved the investors hiring private investigators to follow him.^[40][41]

Facebook[link]

In 2004, Parker saw a site called "Thefacebook" on the computer of his roommate’s girlfriend, who was a student at Stanford.^[4] Parker had experience in the social networking space as an early advisor to Friendster and its founder Jonathan Abrams, for which he was given a small amount of stock in 2003.^[3][42] Parker met with Mark Zuckerberg and a few months later joined the five month old company as its founding president.^[4][42] According to Peter Thiel, Facebook’s first investor, Sean Parker was the first to see potential in the company to be "really big," and that "if Mark ever had any second thoughts, Sean was the one who cut that off."^[4]

As president, Parker brought on Thiel as Facebook’s first investor.^[4] Within the initial round of funding, he negotiated for Zuckerberg to retain three of Facebook’s five board seats.^[4] This gave Zuckerberg control of the company, allowing Facebook the freedom to remain a private company.^[3] Additionally, Parker is said to have championed Facebook’s clean user interface and developed its photo-sharing function.^[43][44] Zuckerberg notes that "Sean was pivotal in helping Facebook transform from a college project into a real company."^[3]

During a party in 2005, police entered and searched a vacation home Parker was renting and found cocaine.^[4] Parker was arrested on suspicion of possession but not charged.^[4] This event was subsequently used by Facebook investors to pressure Parker into resigning as company president.^[45] Even after stepping down, Parker continued to remain involved with Facebook’s growth and met regularly with Zuckerberg.^[46] The event was later dramatized in The Social Network.^[47]

Spotify[link]

While working at The Founders Fund, Parker had been looking to invest in a company that could progress Napster’s music sharing mission legally.^[4] In 2009, a friend showed him Spotify, a Swedish streaming music service, and Parker sent an email to Daniel Ek, Spotify’s founder.^[48]

The pair traded emails, and in 2010 Parker invested $15 million in Spotify.^[49][50] Parker, who currently serves on Spotify’s board, negotiated with Warner and Universal, and in July 2011, Spotify announced its U.S. launch.^[25] At Facebook’s f8 conference, Parker announced a partnership between Facebook and Spotify, which allowed users to share their Spotify playlists on their Facebook profiles.^[25][51]

Votizen[link]

In 2010, Parker and The Founders Fund were a part of Votizen's $1.5 million funding round.^[52] Parker now serves on the board of directors for Votizen and he believes "Politics for me is the most obvious area [to be disrupted by the Web]". ^[53]

Airtime[link]

In 2011, Parker reunited with Napster co-founder Shawn Fanning to found Airtime.com. Some of the investors are Ron Conway, Michael Arrington, and Ashton Kutcher.^[54][55] Parker will serve as executive chairman and Fanning as CEO.^[56]

The Founders Fund[link]

In 2006, Parker became managing partner at the Founders Fund, a San Francisco based venture capital fund founded by Peter Thiel.^[57] Founders Fund is focused on investing in early-stage companies, has $500 million in aggregate capital, and has invested in Quantcast, Path, and Knewton.^[58] Parker has carte blanche from Thiel when finding investments.^[59] Parker also hosts The TechFellow Awards, a partnership between TechCrunch and The Founders Fund that annually gives 20 entrepreneurs $100,000 each to invest in startups.^[60][61]

Philanthropy[link]

Parker is an active philanthropist, and has raised hundreds of thousands of dollars for cancer research, anti-malaria groups, charity: water, and marijuana legalization.^[62][63][64] He has spoken out in favor of higher taxes, particularly for the "wealthy and super wealthy," and in favor of higher capital gains taxes.^[64]

Parker is the founder of Causes, a philanthropic service that uses social media to connect charities with their supporters and potential donors and then communicates that connection to the user's network of friends.^[65][66] By 2010, 90 million people had joined Causes, donating a total of $27 million.^[67][68] Originally one of the earliest Facebook applications, Causes now lives at Causes.com and raises more than $20,000 a day for various charitable causes.^[67]

In popular culture[link]

Parker was portrayed by Justin Timberlake in the 2010 film, The Social Network.^[4] The movie is a fictionalized account of Facebook's founding and early days.^[69][70][71] Timberlake was lauded for his performance, which portrayed Parker as a cruel, cocky opportunist.^[3][47]

Although Parker praised David Fincher as a director, many have remarked on the differences between Parker and his portrayal by Timberlake.^{[4][3][72][73]} Former Facebook growth chief Chamath Palihapitiya noted that Parker is "really the exact opposite of his portrayal in the film".^[3] Parker took issue with the movie version of Eduardo Saverin's exit from Facebook (with whom Parker reportedly remains friends), as it ironically paralleled his own exit from Plaxo.^[3] Parker called the character a "morally reprehensible human being," although he noted that "it's hard to complain about being played by a sex symbol."^[12][74]

In 2011, Parker was a guest on Jimmy Fallon, featured on the cover of the Forbes 400 issue, and was profiled in Vanity Fair.^[4][75][76]

Personal life[link]

Parker is primarily based in New York City although he frequently travels to Los Angeles, San Francisco, Stockholm, and London for Spotify, Airtime, and the Founders Fund.^[3] His $20 million townhouse in Manhattan includes an indoor pool, 30-foot bamboo plants, and an entrance hall adorned with actual subway cars.^[77][9][78] He is engaged to Alexandra Lenas, a singer-songwriter.^[7][79]

References[link]

External links[link]

Wikimedia Commons has media related to: Sean Parker

• Sean Parker on Twitter
• Spotify
• Votizen
• Sean Parker on FoundersFund.com
• Sean Parker at CrunchBase

Shahid Khan (born c. 1950) is a Pakistani-born American businessman. He is the owner of the Jacksonville Jaguars of the National Football League (NFL) and owner of automobile parts manufacturer Flex-N-Gate Corp. in Urbana, Illinois.

Early life[link]

Khan was born in Lahore, Pakistan, and moved to the United States when he was 16 to study at the University of Illinois at Urbana–Champaign.^[1][2] He said he spent his first night in a $2/night room at the Champaign YMCA and that his first job in the United States was washing dishes for $1.20 an hour. He joined the Beta Theta Pi fraternity at the school.^[3] He graduated from the UIUC School of Mechanical and Industrial Engineering with a BSc in 1971.^[4][5]

Flex-N-Gate[link]

Khan worked at the automobile manufacturing company Flex-N-Gate while attending the University of Illinois. When he graduated he was hired as the engineering director for the company. In 1978, he started Bumper Works, which made car bumpers for customizing pickup trucks and body shop repairs.^[1] The transaction involved a $50,000 loan from the Small Business Loan Corporation and $16,000 in his savings.^[6]

In 1980 he bought his former employer Flex-N-Gate, bringing Bumper Works into the fold. Khan grew the company so that it supplied bumpers for the Big Three automakers. In 1984 he began supplying a small number of bumpers for Toyota pickups. By 1987 it was the sole supplier for Toyota pick ups and by 1989 it was the sole supplier for the entire Toyota line in the United States. Toyota Sensei instruction drastically transformed the company efficiency and ability to change its manufacturing process within a few minutes.^[1][7] Since then the company has grown from $17 million in sales to an estimated $2 billion in 2010.^[8]

By 2011, Flex-N-Gate had 12,450 employees and 48 manufacturing plants in the United States and several other countries, and took in $3 billion in revenue.^[2]

Khan has received a number of awards from the University of Illinois, including a Distinguished Alumnus Award in 1999 from the Department of Mechanical Science and Industrial Engineering, the Alumni Award for Distinguished Service in 2006 from the College of Engineering, and (with his wife, Ann) the Distinguished Service Award in 2005 from the University of Illinois Alumni Association.^[4]

Jacksonville Jaguars[link]

Khan's first attempt to purchase a National Football League team came in February 11, 2010, when he entered into an agreement to acquire 60 percent of the St. Louis Rams from Chip Rosenbloom and Lucia Rodriguez, subject to approval by other NFL owners.^[8] However, Stan Kroenke, the minority shareholder of the Rams, ultimately exercised a clause in his ownership agreement to match any proposed bid.^[9]

On November 29, 2011, Khan agreed to purchase the Jacksonville Jaguars from Wayne Weaver and his ownership group subject to NFL approval.^[10] Weaver announced his sale of the team to Khan later that same day. The terms of the deal were not immediately disclosed, other than a verbal commitment to keep the team in Jacksonville, Florida. The sale was finalized on January 4, 2012.^[11] The purchase price for 100% share in the Jaguars is estimated to be $760 million.^[12] The NFL owners unanimously approved the purchase on December 14, 2011.^[13] The sale made Khan the first member of an ethnic minority ever to own an NFL team.^{[14] [15]}

References[link]

External links[link]

• Flex-N-Gate