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SALT LAKE CITY — The Miller family's minority stake in the Utah Jazz is getting smaller.
On Wednesday morning, the Larry H. Miller Company announced it was selling a portion of its minority ownership in the team.
The family, which owned the Jazz for 35 years and helped stabilize the team in Utah, sold 80% of the team to a group headed by Ryan Smith in October 2020. When the deal was struck, there was an agreement made for the new owners — namely, Smith, Accel's Ryan Sweeney, and Atlassian co-founder Mike Cannon-Brookes — to purchase more of the Miller family's stake.
The move, according to a source, is connected with last week's announcement that Smith Entertainment Group had brought in private equity firm Arctos Sports Partners as a minority investor. Though, that's as specific as the person was willing to get.
That partnership has the intent to bring in another professional franchise to the state, which, ironically enough, was once a hope of the late Larry H. Miller, as well.
"As initially agreed, our family is selling a portion of our remaining ownership in the Utah Jazz, pending final NBA approval," a statement from the Larry H. Miller Group and Miller family said. "We have treasured our stewardship of the franchise and remain strong supporters of the team and its place in our community.
"In addition to our business enterprises and philanthropic endeavors, we are proud to continue our ownership of the Salt Lake Bees, the Triple-A affiliate of the Los Angeles Angels. Our family and the Larry H. Miller Company are excited about and committed to the advancement of sports and entertainment in this great state."
Forbes reported Arctos Sports Partners and another investor agreed to buy roughly a 10% stake from the Miller family — a stake that has increased in value since the Miller sold the majority of the team to Smith's group.
In the report, the team was valued at $2.25 billion, or 29% more since last October. Smith's group bought the team for $1.66 billion nearly two years ago.
The move also continues a trend of the Larry H. Miller Group transitioning away from the assets that made it a household name in the state. Last September, the company sold its car dealerships and invested in Advanced Health Care Corp. and the Daybreak community.
