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  1. #1
    Nick's Avatar
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    Rams' owners agree to sell team to Illinois businessman

    Rams' owners agree to sell team to Illinois businessman
    Shahid Khan is owner of large auto parts corporation based in Urbana
    By Howard Balzer
    Thursday, February 11, 2010

    The sale of the Rams took a major step Wednesday when the learned from sources close to the team that an agreement had been reached with Illinois businessman Shahid Khan to buy the team.

    Khan is expected to purchase the 60 percent of the team which is owned by Chip Rosenbloom and his sister, Lucia Rodriguez. The total value of the team has been placed at between $725 and $750 million.

    Rosenbloom would not comment on the report when reached by to the Globe Democrat late Wednesday.

    It is not known whether Khan has any other partners, but he is believed to be prepared to purchase 100 percent of the team if 40-percent owner Stan Kroenke elects to sell his shares.

    Khan is the president and owner of Urbana-based Flex-N-Gate Corporation (FNG), which has more than 9,500 employees at 48 manufacturing and nine product development and engineering facilities not only in the United States but four other countries. Company revenues are estimated at between $500 million and $1 billion annually.

    The company has numerous products, according to its website, that includes large body and chassis structural assemblies; full bumper and fascia systems, brackets, receiver hitches; interior plastic panels and pillars; exterior trim components, running board systems; scissor and screw jacks, tools, spare tire hoists, hinges, checks, pedals, parking brakes, and latch systems.

    Khan was an engineering student at the University of Illinois when he started working for FNG in 1970. He graduated in 1971 and helped develop a one-piece bumper starting in 1972. He stayed at FNG until 1978 when he started his own company. Two years later, he bought FNG.

    A sale would have to gain approval of 75 percent of the league’s owners.

    There is a question of how the owners will view tax issues Khan has had with the IRS. Over a period of several years, Khan and his wife Ann were investigated for allegedly sheltering hundreds of millions of dollars from income tax.

    In January, 2009, Khan told The News-Gazette in Champaign-Urbana he and his wife paid about $68 million that was in dispute and added that he would seek to get the money back in litigation.

    In fact, the Khans filed two lawsuits last July, claiming they were misled by financial advisers who knew the government was investigating similar tax shelters as being potentially illegal, but told the Khans what they were doing was legal.

    Ironically, some motions in the cases are scheduled to be heard in Champaign County Circuit Court on March 23 at the same time NFL owners will be in Orlando for their annual meeting.

    It is possible some in the league have been made aware of the issue in the initial vetting process by Goldman Sachs.

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  2. #2
    VegasRam's Avatar
    VegasRam is offline Ram MVP
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    Re: Rams' owners agree to sell team to Illinois businessman

    I don't really think any NFL Owner is going to have a problem with someone fighting the IRS.

    It'll probably get him more 'yea' votes.
    "the Heart Lies and the Head Plays Tricks with us, but the Eyes See True".

  3. #3
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    Re: Rams' owners agree to sell team to Illinois businessman


  4. #4
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    Re: Rams' owners agree to sell team to Illinois businessman

    Quote Originally Posted by ScottD413 View Post


    Lol, beat me to it.

  5. #5
    RamsFanLSUMan's Avatar
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    Re: Rams' owners agree to sell team to Illinois businessman

    Haha when I first heard this, I knew there was going to be a Trek joke

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