Gail Miller recently agreed to sell the Utah Jazz to billionaire Ryan Smith for $1.6 billion.
Gail Miller issued the following statement about the deal:
I have known Ryan for several years and admire the values by which he and his wife Ashley live their lives. They have such love for and a connection to Utah and this team. Because of our friendship and several high-level conversations over the years, Ryan recently approached our organization to inquire about the possibility of purchasing the Utah Jazz and some of our other sports and entertainment properties.
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 and Ashley, who share our values and are committed to keeping the team in Utah.
We have every confidence they will continue the work we have undertaken and move the team to the next level. Our family remains invested in the success of the Utah Jazz and these businesses, and we will retain a minority interest.
The Jazz home arena, Vivint Smart Home Arena, the Salt Lake City Stars of the NBA G League, and the Salt Lake Bees of the Triple-A are also included in the deal.
Ryan Smith is the co-founder of Qualtrics, a software company that he reportedly built and sold for $8 billion.
Ryan and his wife Ashley are long time Jazz fans who have had a relationship with the Millers’ for years. They look forward to the opportunities that their new investments will present to them, and they insured Gail that they will keep the teams in Utah.
The deal is pending final approval from the NBA Board of Governors.
Congratulations to Ryan, Ashley, and the Millers!
Source: Bleacher Report