On Wednesday, Gail Miller, the owner and chair of the Larry H. Miller Group of Companies (LHM Group), which owns the Utah Jazz, announced that the Miller Family has entered an aggreement to sell the Utah Jazz and Vivint Smart Home Arena to Qualitrics Owner Ryan Smith.
The agreement also includes the NBA G-League team the Salt Lake City Stars as well as the Triple-A baseball affiliate Salt Lake Bees.
New owner Ryan Smith is a name Jazz Fans have been familiar with since the Jazz announced a corporate sponsorship with Qualitrics for the teams “5 For The Fight” jersey patch in 2017. Rather than using the company name Qualitrics as the sponsor, Smith used the patch as a philanthropic effort and raised over $25 million for 5 For The Fight.
5 For The Fight
“I have known Ryan for several years and admire the values by which he and his wife Ashley live their lives,” said Gail Miller. “They have such love for and a connection to Utah and this team. Because of our friendship and several high-level conversations over the years, Ryan recently approached our organization to inquire about the possibility of purchasing the Utah Jazz and some of our other sports and entertainment properties. 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.”
In 2017, the Miller Family announced a Legacy Trust for the Utah Jazz, which showed their commitment to keeping the team in Utah Long Term, and the sale to the Utah-based Qualitrics founder Ryan Smith looks to ensure the fulfillment of that goal.
“Now there’s been a lot of attention given in recent years to my putting the team in a legacy trust,” Miller said. “This was done in connection with my estate plan, with the objective of assuring our loyal fans that the team would remain in Utah. I am fully convinced that with this sale, the objectives of that trust will still be honored, and I want you to know the new owners have made the same commitment to keep the team in Utah.”
Soon to be new owner Ryan Smith noted what the Utah Jazz means to its community, and the Miller Family Legacy saying:
“I grew up watching the Jazz. This is the team I cheered for. I played Junior Jazz. I dreamed of playing for the Jazz, and that didn’t work out. But as I was sitting there this week in the Junior Jazz program you guys started, with hundreds of kids running around, the legacy you’ve created is untouchable. We’re all incredibly grateful for that. The Jazz are a gift to this whole community, and that’s how we view it. That’s 100 percent how we view this.”
Utah Jazz
(Francisco Kjolseth | The Salt Lake Tribune)
Once the transaction closes, Smith will take over as the NBA Governor of the Utah Jazz and its affiliates, and he will have final decision-making authority for all business and basketball operations related to the team and other assets included in this transaction.
While the deal was unexpected, Ryan Smith takes over a flourishing team that is set up to succeed. One of his first moves as owner will be signing Utah’s two All-Stars, Donovan Mitchell and Rudy Gobert. The team will remain aided by Jazz president Dennis Lindsey and general manager Justin Zanik, as well as head coach Quin Snyder who recently signed a long-term extension.
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