NBA franchise Utah Jazz, as well as the Vivint Smart Home Arena, is set to be sold to Qualtrics founder Ryan Smith for a hefty price tag of $1.66 billion, ESPN reported on Wednesday.
This sale will mark the end of a three-decade ownership of the team by the Miller family, who bought the franchise 35 years ago. Jazz enjoyed a strong run under the Millers, winning nine division titles, two Western Conference championships, and achieving 16 50-win seasons.
According to Smith, the entrepreneur approached the Miller family on several occasions to express his interest in acquiring the team. “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,” Smith revealed.
In 2017, Gail Miller decided to put the Utah Jazz franchise into a legacy trust with the goal of keeping the team in Utah for the long term. According to the long-term owner, the sale of the team to Miller will achieve the exact same outcome.
Smith is set to acquire a team in relatively strong standing going into the new season. With players such as Donovan Mitchell and Rudy Gobert, the Jass roster is expected to find themselves in the top half of NBA teams and secure a playoff spot.
