The National Football League have approved the sale of the Jacksonville Jaguars to Shahid Khan, making him the league’s first minority owner.

Khan acquired the franchise from Wayne Weaver for $760 million.

“Eighteen great years in the National Football League and I've enjoyed every one of them,” said Weaver in a statement. “It's the right time. I found a great family that’s going to continue this legacy.”

The 61-year-old Khan is a native of Pakistan. The renowned auto parts manufacturing magnate moved to the United States when he was 16. Khan was praised by NFL owners during their meeting in Irving, Texas last Wednesday.

Khan says that he has no plans to relocate the Jaguars.