The NBA’s Board of Governors unanimously approved the sale on Friday of Utah Jazz to a group led by technology entrepreneur Ryan Smith, ending the Miller family’s 35-year run as owners of the franchise.
The deal includes Vivint Arena, the team’s G League affiliate and management of a Triple-A baseball club. Part of the sales agreement calls for the team to remain in Utah.
'Fantastic addition'
“Ryan Smith is a forward-thinking, community-minded entrepreneur and business leader who will be a fantastic addition to our league,” NBA Commissioner Adam Silver said in a statement.
Smith is a co-founder of the Utah-based firm Qualtrics, which was sold to SAP for USD 8 billion in an all-cash deal finalised last year.
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Larry and Gail Miller bought 50 percent of the Jazz in May 1985 for USD 8 million, then bought the remaining 50 percent the following year for USD 14 million. Forbes , in its annual valuation of franchises, said the Jazz were worth USD 1.55 billion earlier this year. The Miller family will retain a stake in the franchise.
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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