By Will Yoder
November 29, 2011

Update 11:23 - Sports Illustrated's Peter King is reporting that Pakistani entrepreneur Shahid Khan will buy the Jaguars. He is expected to confirm today that he will keep the team in Jacksonville. According to King, Khan attempted to purchase the St. Louis Rams but lost out to Stan Kroenke in 2010.

Original: 11:18 - Adam Schefter of ESPN.com is reporting that Jacksonville Jaguars employees were informed today that the team is being sold. The team is expected to remain in Jacksonville.

Over the past several months there have been reports that current owner Wayne Weaver would be willing to sell the team. Some had speculated that this meant the franchise could move to Los Angeles in the near future, however, ESPN is reporting that the team will not relocate under the new ownership.

who have also reportedly extended general manager Gene Smith

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