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SALT LAKE CITY — The Utah Jazz officially have a new owner.
The NBA Board of Governors approved Ryan Smith's purchase of the Jazz from the Miller family, the NBA announced Friday.
Smith, Qualtics' co-founder and CEO, reportedly purchased the team for $1.66 billion.
"I don't think there has ever been a more exciting time to be in Utah. Not only do we have a great team and organization with the Jazz, but the trajectory of the state as a whole is unmatched. There is so much opportunity here and success breeds success," Smith said in a statement. "I grew up as a big Jazz fan, and that makes this day even more special."
Smith co-founded Qualtrics in 2002 and guided it into a global tech giant. In 2018, he sold Qualtrics to SAP for $8 billion. Two years later, he will be one of the youngest owners in the league.
Smith, who is 42, will join Memphis Grizzlies owner Robert Pera, also 42, as the only NBA team owners under the age of 50.
"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. "As a life-long fan of the Utah Jazz and more recently as one of their key marketing partners, Ryan has demonstrated his deep commitment to the Jazz and the Utah community."
Tech entrepreneur Mike Cannon-Brookes, co-founder of Atlassian, and venture capitalist Ryan Sweeney, partner at Accel, have been announced as minority owners of the team.
The sale of the Jazz also includes Vivint Arena, the Salt Lake City Stars, as well as a management agreement with the Salt Lake Bees. It was also announced in October that Smith would be purchasing The Zone Sports Radio Network in a separate transaction.
In short, Smith is acquiring the sports arm of Larry H. Miller Sports and Entertainment as the Millers pass the torch. These properties will now make up the Smith Entertainment Group (SEG).
"I'm incredibly grateful to Gail Miller and her family for placing their trust in Ashley and me to carry forward their amazing legacy. It would be impossible to overstate the far-reaching impact Gail has had blessing countless lives," said Smith.
In the announcement, Silver acknowledged the lasting legacy the Miller family has built.
"We are also extraordinarily appreciative of Gail Miller, Greg Miller and the Miller family for 35 years of outstanding leadership and service and, on behalf of the entire NBA, thank them for always running a first-class organization in every way," he said.
Larry and Gail Miller bought 50% of the Jazz in May 1985 for $8 million, then bought the remaining 50% the following year for $14 million. The Miller family will retain a stake in the franchise.
While the sale became official Friday, the transition process has already begun. Larry H. Miller CEO and former Jazz president Steve Starks has been an advisor for Smith, which has proved to be beneficial for Jazz executives as they went about building the team this offseason.
Starks was able to serve as a conduit between the Jazz brain trust and the new owner.
"That plan that we had has been able to be relayed and the plan was really a multi-year basis plan," Jazz executive vice president of basketball operations Dennis Lindsey said last month.
Smith has given his approval to continuing that plan — which resulted in bringing Derrick Favors back, re-signing Jordan Clarkson and giving a max extension to Donovan Mitchell.
"The Jazz have a phenomenal leadership team who will continue to guide the organization," Smith said. "We are all committed to building, and to building in Utah."
