JACKSONVILLE, Fla. -

Following 17 seasons with the Jacksonville Jaguars, Bill Prescott resigned Monday as chief financial officer of the NFL franchise to pursue new opportunities and challenges in his career, the team announced.

Prescott will remain as an advisor and assist Kelly Flanagan, the team's new vice president of finance and planning, in the transition to her new position with the Jaguars. Flanagan was promoted to vice president by team President Mark Lamping after serving the Jaguars as business planning manager for the past year.

"Bill was extremely important to the success of our purchase of the team in 2011, but his influence in establishing the franchise and creating a strong presence for the Jaguars in the community was certainly felt well before my time here in Jacksonville," Jaguars owner Shad Khan said. "We owe Bill a debt of thanks and wish him all good things in the future."

"After the sale of the team, I was happy to stay on over the past year to help handle the transition of the team to the new ownership," Prescott said. "I have nothing but great memories and I've made friends for life. My wife, Kim, and I plan to stay in the Jacksonville area and continue to be advocates for a vibrant downtown and a growing economy in northeast Florida."

Flanagan, who grew up locally and is a graduate of the Episcopal School of Jacksonville, will serve the Jaguars in her new role by leading the team's financial planning and analysis efforts. She will continue to have responsibilities that include business planning, quantitative and analytical support of key revenue initiatives including ticket sales, corporate partnerships and in-stadium spending.