World News – US – Miller family sells Utah Jazz to Qualtrics founder Ryan Smith

The Miller family, owners of the Utah Jazz franchise of the NBA since 1985, have reached a deal to sell the team to Qualtrics founder Ryan Smith, the team announced Wednesday morning

The superb sale was first reported by Adrian Wojnarowski of ESPN, who set the sale price at $ 1.6 billion

During a morning Zoom press conference, Gail Miller – owner and president of the Larry H Miller Group of Companies – was surrounded by Smith and his wife Ashley, as well as the president of the LHM organization, Steve Starks , to announce the news

“Today is a day that I could never imagine,” Miller said, before easing the concerns of nervous fans by adding: “The new owners have made the same commitment to keep the team in Utah « 

She said the deal will include Jazz; their G League affiliate, the Salt Lake City Stars; and also Vivint Smart Home Arena She said the family-owned Triple-A baseball team, the Salt Lake Bees, « will remain tied to the Jazz through a management agreement. »The family will also sell the Zone Sports Network in a separate transaction

« I have approached Gail and the Millers on several occasions. There is no secret in my interest in the NBA and the Jazz This is the team I grew up for, cheering for, » says he « … Jazz is a gift for this whole community, and that’s 100% how we see it. We see it as an opportunity to continue doing good »

In 2017, Miller transferred ownership of the team and its arena to an inherited trust, a plan she said would keep the franchise in the family and in Salt Lake City in perpetuity.

As part of this plan, Gail Miller was to serve as a trustee and then ultimately transfer control of the organization to a six-person board of directors, made up of her family members.

« Selling the Utah Jazz was a huge decision, but it allows our family to continue to grow and enrich the lives of others, » Miller said

Smith co-founded Qualtrics, a software company, with his brother Jared in their parents’ basement In 2018, they sold Qualtrics to German software company SAP for $ 8 billion

Qualtrics has entered into a sponsorship deal with Jazz to put the logo of their cancer charity, 5 For The Fight, on the team’s jerseys – a deal that last year was extended until to the 2022-23 season

Utah Jazz, Gail Miller, Ryan Smith, Qualtrics, Larry H Miller, Utah