The purchase of the Utah Jazz by software developer Smith for US$1.66 billion (approximately NT$47.691 billion) was officially approved by the NBA Board of Governors today.
Ryan Smith, co-founder and chief executive officer of Utah-based software company Qualtrics, took over the team’s operations from the Miller family. The Miller family has owned the Jazz for 35 years, and in October it was first reported that they were interested in selling the team.
Smith is a visionary, community-minded entrepreneur and business leader who will be an incredible injection of living water into the league,” NBA President Adam Silver said in a statement.
“A lifelong Jazz fan and more recently one of the Jazz’s major business partners, Smith has made a strong commitment to the Jazz and the state of Utah, and there is no doubt that he will bring that same dedication to the Jazz.
The deal is worth $1.66 billion, and earlier this year, Forbes Magazine ranked the value of a total of 30 NBA teams, and the Jazz ranked 21st at the time, with a market value of about $1.55 billion (about $44.531 billion).
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