Entrepreneur Ryan Smith has made a deal to buy a majority stake in the Utah Jazz. The purchase marks the end of 35 years of ownership by Salt Lake City businessman Larry H. Miller and his family.
The deal includes the team and the Vivant SmartHome Arena in Salt Lake City, as well as the Salt Lake City Stars NBA G-League Team. Ryan Smith will also acquire a minor league baseball team from the Miller family.
Smith founded Provo, Utah-based Qualtrics, which is currently owned by SAP. The Larry H. Miller Group is controlled by Gail Miller, the widow of Larry H. Miller and the wealthiest person in Utah. According to ESPN, the agreed-upon price is over $1.6 million. Larry Miller purchased the franchise in the 1980s. The Millers are credited with turning arond the then-struggling team, with the Jazz currently valued at $1.55 billion.