Gail Miller has agreed to sell a majority stake in the Utah Jazz, as well as other sports and entertainment properties of the Larry H. Miller Group of Companies, to Ryan Smith, co-founder of Utah-based software firm Qualtrics, the company announced Wednesday.
The deal includes the Jazz, Vivint Arena, the G League's Salt Lake City Stars and management of the triple-A baseball affiliate Salt Lake Bees. The sale is subject to approval by the NBA Board of Governors and is expected to take place by the end of the year.
Gail Miller and her husband, Larry H. Miller, purchased a 50 per cent interest in the Jazz for $9.5 million in 1985, before buying the remaining half for $17.3 million the following year. The team is now valued at $1.46 billion, according to Forbes. Larry H. Miller died of complications from Type-2 diabetes in 2009.
"When Larry and I purchased the first half of the Utah Jazz in 1985, we could not comprehend the experiences we would have or the journey we would share with the Utah Jazz family, especially the players and coaches," Miller said in a press release.
"We have also appreciated our relationships within the NBA and especially our friendships with both Commissioner (David) Stern and Commissioner (Adam) Silver. Our passionate fans and their unrelenting commitment to the Jazz have been the energy that has propelled us forward, and I sincerely thank them."
Smith has been a longstanding corporate partner of the Jazz and was co-creator of the "5 For The Fight" jersey patch, which asks people to donate $5 in the fight against cancer, and has raised more than $25 million since it was introduced three years ago.
"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 (Smith) and (his wife) Ashley, who share our values and are committed to keeping the team in Utah," said Miller.
"We have every confidence they will continue the work we have undertaken and move the team to the next level."
