Ryan Smith, co-founder and chief executive of software company Qualtrics, has agreed to acquire the National Basketball Association’s (NBA) Utah Jazz in a deal worth a reported US$1.6 billion.
Deal includes Vivint Arena and Salt Lake City Stars G League team.
Deal includes Vivint Arena and Salt Lake City Stars G League team.
Gail Miller, owner and chair of the Larry H. Miller Group of Companies (LHM Group) that counts the Jazz among its assets, has entered into a definitive agreement to sell a majority interest in the franchise, as well as its other sports and entertainment properties.
Included in the pending transaction are the Jazz, the team’s Vivint Arena home, the G League’s Salt Lake City Stars, and management of the Triple-A baseball affiliate Salt Lake Bees, but not the team itself.
Smith has been a strong corporate partner of the Utah Jazz for many years and was co-creator of the ‘5 For The Fight’ philanthropic jersey patch sponsorship.
Upon closing of the transaction, Smith will become the NBA governor of the Jazz, with Steve Starks becoming an advisor, in addition to his role as chief executive for the LHM Group.
The closing is subject to approval by the NBA board of governors and is expected to take place by the end of the year. Smith also plans to acquire The Zone Sports Network commercial radio station from the Miller family, subject to the parties entering into a separate agreement and separate approvals.
“Ryan recently approached our organisation to inquire about the possibility of purchasing the Utah Jazz and some of our other sports and entertainment properties,” said Gail Miller
“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.
“We have every confidence they will continue the work we have undertaken and move the team to the next level. Our family remains invested in the success of the Utah Jazz and these businesses, and we will retain a minority interest.
“I am fully persuaded that with this sale, the objectives of the trust will be honoured, and the new owners have made the same commitment to keep the team in Utah. This transaction will unlock opportunities that will allow us to continue our stewardship in ways not possible until now. Our mission is and will continue to be to Enrich Lives.”
Included in the pending transaction are the Jazz, the team’s Vivint Arena home, the G League’s Salt Lake City Stars, and management of the Triple-A baseball affiliate Salt Lake Bees, but not the team itself.
Smith has been a strong corporate partner of the Utah Jazz for many years and was co-creator of the ‘5 For The Fight’ philanthropic jersey patch sponsorship.
Upon closing of the transaction, Smith will become the NBA governor of the Jazz, with Steve Starks becoming an advisor, in addition to his role as chief executive for the LHM Group.
The closing is subject to approval by the NBA board of governors and is expected to take place by the end of the year. Smith also plans to acquire The Zone Sports Network commercial radio station from the Miller family, subject to the parties entering into a separate agreement and separate approvals.
“Ryan recently approached our organisation to inquire about the possibility of purchasing the Utah Jazz and some of our other sports and entertainment properties,” said Gail Miller
“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.
“We have every confidence they will continue the work we have undertaken and move the team to the next level. Our family remains invested in the success of the Utah Jazz and these businesses, and we will retain a minority interest.
“I am fully persuaded that with this sale, the objectives of the trust will be honoured, and the new owners have made the same commitment to keep the team in Utah. This transaction will unlock opportunities that will allow us to continue our stewardship in ways not possible until now. Our mission is and will continue to be to Enrich Lives.”
Source: SportsPro
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