• Loading stock data...
Wednesday, October 9, 2024
The Best Employers in Sports survey is now open! Take the survey

Qualtrics Co-Founder Buys Utah Jazz for More Than $1.6 Billion

  • Larry Miller and his family purchased the team in 1986 for $24 million.
  • Qualtrics, a longtime Jazz sponsor, was acquired for a reported $8 billion in 2018.
utah jazz
Russell Isabella-USA TODAY Sports

Ryan Smith, CEO and co-founder of software company Qualtrics, is buying the NBA’s Utah Jazz. The deal for a majority share of the team is reportedly worth more than $1.6 billion.

The sale includes Vivint Smart Home Arena — the Jazz’s home court — the G League’s Salt Lake City Stars and the Triple-A PCL Salt Lake Bees.

The late Larry Miller and his family had owned the team since 1986, when he purchased it for $24 million. Under the Miller family, the team had 16 50-win seasons, won nine division titles and two Western Conference championships. 

“I have known Ryan for several years and admire the values by which he and his wife Ashley live their lives,” Gail Miller, owner and chair of the Larry H. Miller Group of Companies, said in an announcement. “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,” Miller added. “Our family remains invested in the success of the Utah Jazz and these businesses, and we will retain a minority interest.”

The NBA Board of Governors still has to formally approve the sale. Assuming the sale is approved, Smith will become governor of the Jazz and its affiliates; LHM Group CEO Steve Starks will be an advisor.

The Provo, Utah-based Qualtrics has been a longtime sponsor of the team, and is signed on to be its jersey patch sponsor through 2023 — but donated the patch to cancer research fundraising organization 5 For The Fight. The patch has reportedly raised over $25 million.

Qualtrics was acquired by SAP in 2018 for a reported $8 billion as it was said to be considering an IPO, but in July, SAP announced plans to now take it public anyway.

Forbes ranked the Jazz as the NBA’s 21st most-valuable franchise, worth $1.55 billion, in February. 

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

NBA GMs Rank Salary-Cap Apron As Rule That Needs to Change Most

Schedule changes finished second with 17% of the vote.
Breanna Stewart

Why WNBA Finals Are Threading the Needle During Peak Sports TV

The league’s new media deal could solve the problem.
NBA commissioner Adam Silver

Judge Rejects NBA’s Request to Seal WBD Digital Streaming Deal

The league could still request specific redactions.
Indiana Fever guard Caitlin Clark (22) smiles while answering a question Tuesday, Sept. 17, 2024, after an Indiana Fever practice at Gainbridge Fieldhouse in Indianapolis.

Next Up for Caitlin Clark Mania: Women’s Golf

The hoops sensation is scheduled to play in a pro-am on the LPGA Tour.
podcast thumbnail mobile
Front Office Sports Today

Brandt on Saleh, Watson; Allyson Felix on Changing Women’s Sports

0:00

Featured Today

Ryan Smith Sees Salt Lake City As Next Vegas-Like Sports Town

Utah Hockey Club’s owner says all the pieces are falling into place.
October 8, 2024

How the WWE’s Farm Circuit Became a Primetime Draw

NXT produces generational talent—and it occupies a new prime-time network slot.
A DraftKings sign
October 7, 2024

A DraftKings Exec Left for Fanatics. Then the Bitter Legal Battle Began

Mike Hermalyn has been sidelined at Fanatics for nine months now.
opinion
October 6, 2024

Where Is the Dang Game? Fragmentation Has Hit Fever Pitch

A correction is coming in the increasingly confusing landscape of live sports.
Young fans look over Michigan State sports equipment on display during the Spring Showcase on Saturday, April 20, 2024, at Spartan Stadium in East Lansing.

Private Equity Firms Buy Rival Hockey Brands CCM and Bauer

Both brands have been around for decades and changed ownership in the same week.
Fans watch TV screens during a game viewing party for fans at the FanDuel Sportsbook at Meadowlands Racing & Entertainment in East Rutherford, New Jersey.
September 18, 2024

FanDuel Parent Buys Italian Gambling Company in Bid for Growth

Flutter is making big moves in Italy and Brazil.
September 18, 2024

Rogers Tightens Grip on Canadian Sports With $3.46B MLSE Stake

The Blue Jays owner makes a big move to corner most of the Toronto pro sports market.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
September 12, 2024

Team USA’s Uniform Maker Is Shooting for a Long-Term Win

This week’s uniforms are honoring the Armed Forces.
September 5, 2024

Amazon Nears Game-Changing Deal to Stream Bally Sports Content

The online retail and streaming giant nears a long-expected deal to stream most of Diamond Sports Group’s content.
September 5, 2024

Callaway Spins Topgolf Off Into Separate Business

The two golf companies are parting ways only four years after they agreed to merge.
September 3, 2024

$13M and Counting: Coach Prime Deal Still Boosting Blenders Eyewear

Deion Sanders has a sunglasses sponsorship with the company.