FILE - In this June 7, 2014, file photo, Utah Jazz owner Gail Miller speaks during a news conference introducing Quin Snyder as the new Utah Jazz head coach, in Salt Lake City. The majority interest of the Utah Jazz is being sold to technology entrepreneur Ryan Smith, a move that when formally approved by the NBA will end the Miller family's 35-year run as owners of the franchise. The Jazz said Wednesday, Oct. 28, 2020, that 'definitive agreements' have been struck with Smith on the sale of the team, Vivint Arena, the team's G League affiliate and management of a Triple-A baseball club. Part of those agreements call for the team to remain in Utah. (AP Photo/Rick Bowmer, File)
The Associated Press
SALT LAKE CITY (AP) - The majority interest of the Utah Jazz is being sold to technology entrepreneur Ryan Smith, a move that when formally approved by the NBA will end the Miller family's 35-year run as owners of the franchise.
The Jazz said Wednesday that 'œdefinitive agreements'ť have been struck with Smith on the sale of the team, Vivint Arena, the team's G League affiliate and management of a Triple-A baseball club. Part of those agreements call for the team to remain in Utah.
Smith is a co-founder of the Utah-based firm Qualtrics, which was sold to SAP for $8 billion in an all-cash deal finalized last year.
Gail 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.
'œAfter 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,'ť Miller said. 'œWe have every confidence they will continue the work we have undertaken and move the team to the next level.'ť
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.
'œThe Miller family has had an unbelievable impact on countless people through the Utah Jazz and the other organizations they run,'ť Smith said. 'œWe all owe a great debt to the Miller family for the amazing stewardship they have had over this asset for the past 35 years.'ť
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).
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The Vivint Smart Home Arena is shown Wednesday, Oct. 28, 2020, in Salt Lake City. The majority interest of the Utah Jazz is being sold to technology entrepreneur Ryan Smith, a move that when formally approved by the NBA will end the Miller family's 35-year run as owners of the franchise. The Jazz said Wednesday that 'definitive agreements' have been struck with Smith on the sale of the team, Vivint Arena, the team's G League affiliate and management of a Triple-A baseball club. Part of those agreements call for the team to remain in Utah.(AP Photo/Rick Bowmer)
The Associated Press
A security guard walks past a "TAKE NOTE" sign on the Vivint Smart Home Arena Wednesday, Oct. 28, 2020, in Salt Lake City. The majority interest of the Utah Jazz is being sold to technology entrepreneur Ryan Smith, a move that when formally approved by the NBA will end the Miller family's 35-year run as owners of the franchise. (AP Photo/Rick Bowmer)
The Associated Press
FILE - This March 14, 2019, file photo shows Gail Miller, owner and chairwoman of the Utah Jazz, after addressing the crowd before an NBA basketball game against the Minnesota Timberwolves, in Salt Lake City. The majority interest of the Utah Jazz is being sold to technology entrepreneur Ryan Smith, a move that when formally approved by the NBA will end the Miller family's 35-year run as owners of the franchise. The Jazz said Wednesday, Oct. 28, 2020, that 'definitive agreements' have been struck with Smith on the sale of the team, Vivint Arena, the team's G League affiliate and management of a Triple-A baseball club. Part of those agreements call for the team to remain in Utah. (AP Photo/Rick Bowmer, File)
The Associated Press
The Vivint Smart Home Arena is shown Wednesday, Oct. 28, 2020, in Salt Lake City. The majority interest of the Utah Jazz is being sold to technology entrepreneur Ryan Smith, a move that when formally approved by the NBA will end the Miller family's 35-year run as owners of the franchise. The Jazz said Wednesday that 'definitive agreements' have been struck with Smith on the sale of the team, Vivint Arena, the team's G League affiliate and management of a Triple-A baseball club. Part of those agreements call for the team to remain in Utah.(AP Photo/Rick Bowmer)
The Associated Press
FILE - In this April 14, 2010, file photo, Greg Miller, left, and Gail Miller, son and wife of the late Larry H. Miller, hug while looking up at the jersey that had been retired in the name of Larry H. Miller, at Energy Solutions Arena during halftime of an NBA basketball game between the Utah Jazz and the Phoenix Suns in Salt Lake City. The majority interest of the Utah Jazz is being sold to technology entrepreneur Ryan Smith, a move that when formally approved by the NBA will end the Miller family's 35-year run as owners of the franchise. The Jazz said Wednesday, Oct. 28, 2020, that 'definitive agreements' have been struck with Smith on the sale of the team, Vivint Arena, the team's G League affiliate and management of a Triple-A baseball club. Part of those agreements call for the team to remain in Utah. (AP Photo/Steve C. Wilson, File)
The Associated Press
FILE - In this March 14, 2019, file photo, Gail Miller, owner and chairwoman of the Utah Jazz, addresses the crowd before an NBA basketball game against the Minnesota Timberwolves, in Salt Lake City. The majority interest of the Utah Jazz is being sold to technology entrepreneur Ryan Smith, a move that when formally approved by the NBA will end the Miller family's 35-year run as owners of the franchise. The Jazz said Wednesday, Oct. 28, 2020, that 'definitive agreements' have been struck with Smith on the sale of the team, Vivint Arena, the team's G League affiliate and management of a Triple-A baseball club. Part of those agreements call for the team to remain in Utah. (AP Photo/Rick Bowmer, File)
The Associated Press
FILE - In this Feb. 13, 2005, file photo, former Utah Jazz power forward Karl Malone gives team owner Larry Miller a hug as they say goodbye after Malone announced his retirement, in Salt Lake City. The majority interest of the Utah Jazz is being sold to technology entrepreneur Ryan Smith, a move that when formally approved by the NBA will end the Miller family's 35-year run as owners of the franchise. The Jazz said Wednesday, Oct. 28, 2020, that 'definitive agreements' have been struck with Smith on the sale of the team, Vivint Arena, the team's G League affiliate and management of a Triple-A baseball club. (AP Photo/Douglas C. Pizac, File)
The Associated Press
FILE - This April 14, 2004, filer photo shows Utah Jazz team owner Larry Miller and his wife, Gail, thanking the fans prior to the last game of the year game against the Phoenix Suns, in Salt Lake City. The majority interest of the Utah Jazz is being sold to technology entrepreneur Ryan Smith, a move that when formally approved by the NBA will end the Miller family's 35-year run as owners of the franchise. (AP Photo/Douglas C. Pizac, File)
The Associated Press