NEW YORK—The Jacksonville Jaguars, long considered ripe for relocation, said Tuesday they have been sold to a businessman committed to keeping the team in town.

Owner Wayne Weaver agreed to sell the Jaguars to Pakistan native Shahid Khan, owner of auto parts maker Flex-N-Gate Group. The Jaguars, now in their 17th season, play in the National Football League's fourth smallest market but don't have the heritage of the smaller-market Green Bay Packers, Buffalo Bills and New Orleans Saints.

Financial...