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St. Louis Rams Will Have a New Owner from Illinois

NFL team St. Louis Rams will soon be bought by Shahid Khan, a 55-year old businessman from Urbana, Illinois. Khan is the president of an auto-parts manufacturer, Flex-N-Gate. He will purchase the majority share of 60 percent of Rams owned by Chip Rosenbloom and Lucia Rodriguez.  Rosenbloom and Rodriguez inherited the team from their late mother, Georgia Frontiere, after her death in 2008.

Even though Khan is a resident of Illinois and of course a hard-core fan of Rams, he does not want the team to move out of its current location in St. Louis. According to experts, the sale is estimated to range closer to $750 million. However, Forbes magazine estimates it to be around $929 million.

According to federal court records of the state of Ill., the Internal Revenue Service, has accused Khan and his wife, Ann, of inappropriately sheltering $250 million in income between 1999 and 2003, reducing their taxes by $85 million. In an interview later, Khan claimed that he had paid $68 million to IRS to settle the dispute, and insisted that he had done nothing wrong. He also stated that there is not a hint of criminal issue here. It is not clear in any of his interviews whether he took any legal steps to recover his money.

The Rams, an NFL worst 1-15 last season, have won just six games over the past three seasons.

The sale has not been finalized yet. Neither the Rams nor the NFL have confirmed the agreement, which would be finalized and approved by NFL.

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