The acquisition of the Utah Jazz by software developer Smith was approved by the NBA Board of Governors today. Smith expressed his excitement, but also stressed that he would remain humble.
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, which has owned the Jazz for 35 years, first reported in October that they were interested in selling the team.
The deal, which includes the Jazz, the Jazz’s home arena, Vivint Arena, and the developing basketball and baseball teams in Salt Lake City, has Smith heavily interested.
Smith, a native of Utah, has been a partner of the Jazz for many years. The joint launch of a commemorative charity jersey medallion in recent years has even raised more than $25 million (about NT$718 million).
The Miller family will still retain a small percentage of the Jazz’s equity. The Jazz made the playoffs last season with a record of 44 wins and 28 losses, but lost to the Denver Nuggets in the first round.
Smith said this year, “The Miller family has managed the Jazz well for the past 35 years, and we all owe them a debt of gratitude.
“My wife and myself are very excited about the opportunity to lead the Jazz into a long-term future, but absolutely humbled as well, especially to be with the best fans in all of the NBA.
The deal is worth $1.66 billion (about $47.691 billion), and earlier this year, Forbes Magazine ranked the value of the NBA’s 30 teams, and the Jazz ranked 21st, with a market value of about $1.55 billion (about $44.531 billion).
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