Khan in 2012
July 18, 1950 |
Lahore, Punjab, Pakistan
|Other names||Shad Khan|
|Citizenship||United States, Pakistan|
|Education||Industrial Engineering (B.S.)|
|Alma mater||University of Illinois|
Jacksonville Jaguars (NFL)
Fulham F.C. (Football League Championship)
|Net worth||US$ 4.3 billion|
Shahid "Shad" Khan (born July 18, 1950) is a Pakistani-American billionaire businessman. He is the owner of the Jacksonville Jaguars of the National Football League (NFL), the English Football League Championship team Fulham F.C., and automobile parts manufacturer Flex-N-Gate in Urbana, Illinois.
As of September 2014, Khan's net worth is over $4.6 billion. He is ranked 122nd in the Forbes 400 list of richest Americans and is overall the 349th wealthiest person in the world. He is also the richest person of Pakistani origin.
Khan was born in Lahore, Pakistan to a middle-class family who were involved in the construction industry. His mother (now retired) was a professor of mathematics. He moved to the United States in 1967 at age 16 to study at the University of Illinois at Urbana–Champaign. When he came to the United States, he spent his first night in a $2/night room at the University Y-YMCA, and his first job was washing dishes for $1.20 an hour. He joined the Beta Theta Pi fraternity at the school. He graduated from the UIUC College of Engineering with a BSc in Industrial Engineering in 1971. Khan acquired US citizenship in 1991. He is a Muslim.
Khan worked at the automotive 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 customized pickup trucks and body shop repairs. The transaction involved a $50,000 loan from the Small Business Loan Corporation and $16,000 in his savings.
In 1980 he bought Flex-N-Gate from his former employer Charles Gleason Butzow, 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 pickups and by 1989 it was the sole supplier for the entire Toyota line in the United States. Adopting The Toyota Way increased company efficiency and ability to change its manufacturing process within a few minutes. Since then the company has grown from $17 million in sales to an estimated $2 billion in 2010.
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.
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. However, Stan Kroenke, the minority shareholder of the Rams, ultimately exercised a clause in his ownership agreement to match any proposed bid.
On November 29, 2011, Khan agreed to purchase the Jacksonville Jaguars from Wayne Weaver and his ownership group subject to NFL approval. 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. The purchase price for 100% share in the Jaguars was estimated to have been $760 million. The NFL owners unanimously approved the purchase on December 14, 2011. The sale made Khan the first member of an ethnic minority ever to own an NFL team.
In July 2013 Khan negotiated the purchase of the London soccer club Fulham of the Premier League from its previous owner, Mohamed Al Fayed. The deal was finalized on July 12, 2013 with the amount estimated between £150–200 million. An official purchase price for the club was not announced with Khan stating that it was "highly confidential".
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.
- "Shahid Khan: From Pakistan to pro-football", 60 Minutes profile of Khan (aired October 28, 2012)
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- Raza, Ahsan (22 September 2012). "Lahore-born entrepreneur among US richest people". Dawn (newspaper). Retrieved 25 September 2012.
- James P. Womack and Daniel T. Jones, Lean Thinking: Banish Waste and Create Wealth in Your Corporation, Free Press, 2nd ed., 2003, ISBN 0-7432-4927-5.
- Sandomir, Richard (December 1, 2011). "Jaguars Buyer Had His Eye on Ownership of a Franchise". The New York Times. Retrieved December 1, 2011.
- Professorship Profiles: Shahid and Ann Carlson Khan, Center on Health, Aging and Disability, UIUC College of Applied Health Sciences (retrieved February 12, 2010).
- "Who is Shahid Khan?", St. Louis Post-Dispatch, February 11, 2010.
- "Getting to know Shad Khan", Jacksonville Jaguars official website, December 15, 2011.
- Donald P. Cushman and Sarah Sanderson King, Continuously Improving an Organization's Performance: High-Speed Management, State University of New York Press, 1997, ISBN 0-7914-3311-0.
- Thomas H. Klier and James Rubenstein, Who Really Made Your Car? Restructuring and Geographic Change in the Auto Industry, W.E. Upjohn Institute for Employment Research, 2008, ISBN 0-88099-334-0.
- Rams will be sold to Illinois businessman Shahid Khan, St. Louis Post-Dispatch, February 11, 2010.
- Wade, Patrick. "OSHA fines Flex-N-Gate $57,000". The News-Gazette. Retrieved 15 June 2012.
- "Stan Kroenke is new Rams owner", AP at ESPN.com, August 25, 2010.
- Tania Ganguli (November 29, 2011). "Jack Del Rio fired, Jaguars being sold". The Florida Times-Union. Retrieved November 29, 2011.
- "Not a doubt in Weavers' mind that team will stay in Jacksonville". November 29, 2011. Retrieved 29 November 2011.
- "Sold for 760 Million". November 29, 2011. Retrieved 29 November 2011.
- "It's Unanimous: Jacksonville Jaguars Sale to Shahid Khan Approved". December 14, 2011. Retrieved December 14, 2011.
- Tania Ganguli. "Dream completed: NFL owners approve sale of Jaguars to Shahid Khan". The Florida Times-Union. Retrieved December 11, 2011.
- Ryan Moore, Shahid Khan and the Jacksonville Jaguars: A Harbinger of Future Minority Ownership in the National Football League? Where To Watch
- "Shad Khan finalizes purchase of Premier League's Fulham soccer club". The Florida Times-Union. July 12, 2013. Retrieved July 12, 2013.
- "Fulham: Owner Shahid Khan wants to take Fulham to 'next level'". BBC Sport. 13 July 2013. Retrieved 14 July 2013.