Khan purchased the franchise from owner Wayne Weaver for $760 million. Weaver helped Jacksonville acquire the expansion team in 1993 and has been its sole owner.
"Eighteen great years in the National Football League and I've enjoyed every one of them," Weaver told The (Jacksonville) Florida Times-Union. "It's the right time. I found a great family that's going to continue this legacy."
Khan, a Pakistan-born, 61-year-old auto parts manufacturing magnate who immigrated to the United States at age 16, was praised by NFL owners meeting in Irving, Texas, Wednesday.
He said he has no plans to relocate the team.
"It's almost 2012. It's about time," said New York Giants owner John Mara.
Celebrity Breakups and divorces of 2014 [PHOTOS]