13 Jul 2013

Fulham changes hands as Al Fayed moves on

12:13 pm on 13 July 2013

The London Premier League football club Fulham has been sold by Mohamed Al Fayed to Shahid Khan, the owner of the Jacksonville Jaguars NFL franchise.

Khan, a billionaire car-parts manufacturer, assumes 100 percent ownership of the club, debt-free.

He bought out former Harrods owner Al Fayed, ending his 16-year spell in control of Fulham, which finished 12th in the league last season.

The 62-year-old Khan was born in Pakistan but moved to the United States at age 16. Last year the Jaguars, one of the NFL's weaker franchises, signed a deal to play four games at Wembley Stadium over the next four years.

Khan says Fulham is the perfect club at the perfect time and he says he views himself not so much as the owner of Fulham but a custodian of the club on behalf of its fans.

The British Telegraph newspaper reports the deal will net Al Fayed up to 200 million pounds, or $387.6 million. The Egyptian businessman bought Fulham for 6.25 million pounds in 1997 and has bankrolled their rise from the third tier to the top flight.