SALT LAKE CITY-Wednesday, Utah Jazz owner Gail Miller and her family announced the NBA franchise will be sold.
A press conference is slated for 10:00 am this morning.
Miller, the owner and chair of the Larry H. Miller Group of Companies (LHM Group) and her family announced entrance into “definitive agreements” to sell a majority interest in the Utah Jazz and other sports and entertainment properties to Ryan Smith.
Smith, a technological entrepreneur, is the co-founder of Provo-based Qualtrics.
Included in the pending transaction are the Utah Jazz, the Vivint Arena, the NBA G-League Salt Lake City Stars and management of the Triple A baseball affiliate Salt Lake Bees.
Smith has long been a “strong corporate partner” of the Jazz and is the co-creator of the “5 For the Fight” jersey patch, the first philanthropic jersey patch in the history of North American professional sports.
5 for the Fight has raised over $25 million since the patch partnership was announced three years ago.
Smith expressed his thoughts as follows:
“The Miller family has had an unbelievable impact on countless people throughout the Utah Jazz and the other organizations they run. We all owe a great debt to the Miller family for the amazing stewardship they have had over this asset for the past 35 years. My wife and I are absolutely humbled and excited about the opportunity to take the team forward far into the future–especially with the greatest fans in the NBA. The Utah Jazz, the state of Utah, and its capital city are the beneficiaries of the Millers’ tremendous love, generosity and investment. We look forward to building upon their lifelong work.”
Miller, the owner and chair of the Larry H. Miller Group, said she has known Smith and his wife Ashley for some time. Smith, she said, approached the Millers to gauge their interest in a sale. The terms were not immediately disclosed, though ESPN reported the purchase price to exceed $1.6 billion.
“After much soul searching, lengthy discussions and extensive evaluations of our long-term goals, my family and I decided this was the right time to pass our responsibility and cherished stewardship of 35 years to Ryan and Ashley, who share our values and are committed to keeping the team in Utah,” Miller said. “We have every confidence they will continue the work we have undertaken and move the team to the next level.”
The sale will have to be approved by the NBA’s board of governors. When that happens, Smith will be installed as the team’s governor. The Miller family will retain a stake in the franchise.
“The Miller family has had an unbelievable impact on countless people through the Utah Jazz and the other organizations they run,” Smith said. “We all owe a great debt to the Miller family for the amazing stewardship they have had over this asset for the past 35 years.”
Larry and Gail Miller bought 50% of the Jazz in May 1985 for $8 million, then bought the remaining 50% the following year for $14 million. Forbes, in its annual valuation of franchises, said the Jazz were worth $1.55 billion earlier this year.
The Jazz have the NBA’s third-best record since the 1985-86 season, their .588 winning percentage in that span trailing only San Antonio (.633) and the Los Angeles Lakers (.596).
