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The Miller family, which has owned the NBA’s Utah Jazz franchise outright since 1985, has entered into an agreement to sell the team to Qualtrics founder Ryan Smith, the team announced Wednesday morning.
The stunning sale was first reported by ESPN’s Adrian Wojnarowski, who put the sale price at $1.6 billion.
In a morning news conference on Zoom, Gail Miller — owner and chair of the Larry H. Miller Group of Companies — was flanked by Smith and his wife Ashley, as well as LHM organization president Steve Starks, in announcing the news.
“Today is a day I have never been able to imagine," Miller said, before assuaging nervous fans’ concerns by adding, “The new owners have made the same commitment to keep the team in Utah.”
She said that the deal will include Jazz; their G League affiliate, the Salt Lake City Stars; and also Vivint Smart Home Arena. She said that the Triple-A baseball team that the family owns, the Salt Lake Bees, “will remain connected to the Jazz through a management agreement.” The family will also sell the Zone Sports Network in a separate transaction.
The Miller family will maintain a minority interest in the team.
Smith said that the opportunity to buy the Jazz was a dream scenario.
“I’ve approached Gail and the Millers a couple of times. There’s no secret in my interest in the NBA and in the Jazz. This is the team I grew up cheering for,” he said. “… The Jazz are a gift to this whole community, and that’s 100% how we view this. We look at this as an opportunity to continue to do good.”
Under that plan, Gail Miller was to serve as the trustee, then eventually transfer control of the organization to a six-person board of managers, composed of members of her family.
Those plans apparently changed, though.
“Selling the Utah Jazz was a huge decision, but doing so allows our family the opportunity to continue to evolve and enrich others’ lives,” Miller said.
The sale is pending approval from the NBA’s Board of Governors.
This story will be updated.
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October 28, 2020 at 10:52PM
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Miller family selling Utah Jazz to Qualtrics founder Ryan Smith - Salt Lake Tribune
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