World News – US – Gail Miller and her family allegedly sold Utah Jazz to Qualtrics founder Ryan Smith for $ 1 66B

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After more than three decades of ownership, Gail Miller and the Miller family sell a controlling stake in Utah Jazz to Ryan Smith, the founder of Qualtrics, a Utah-based cloud computing company

Miller, who has fully owned the Jazz since her billionaire business husband Larry H Miller died in 2009, released a statement via NBAcom on the family’s decision to sell the team

« I have known Ryan for many years and admire the values ​​he and his wife Ashley live their lives with They have such a love and connection to Utah and this team Because of our friendship and many conversations high profile over the years, Ryan recently reached out to 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, long discussions, and in-depth assessments of our long-term goals, my family and I have decided it is a good time to pass our responsibility and beloved 35-year-old stewardship to Ryan and Ashley, who share our values ​​and are committed to keeping the team in Utah We are confident they will continue the work we have undertaken and take the team to the next level Our family remains committed to the success of Utah Jazz and these companies, and we will retain a minority stake « 

Although the terms of the sale were not officially disclosed, Sportico reported that Smith was buying the team for $ 1.6 billion This is quite a profit, as the Millers spent $ 9.5 million to buy a stake 50% in Jazz in 1985, and bought the rest of the team a year later for just under $ 20 million

Smith, a Utah native and longtime Jazz partner, said in a statement that he and his wife were thrilled to take over the leadership of a Utah institution

« The Miller family has had an incredible impact on countless people through the Utah Jazz and the other organizations they lead We all owe the Miller family a great debt for the incredible management they have provided. on this asset over the past 35 years My wife and I are absolutely honored and thrilled with the opportunity to move the team forward far into the future – especially with the biggest fans in the NBA. Utah Jazz, the state of Utah and its capital are the recipients of the Millers’ tremendous love, generosity and investment. We look forward to continuing their lifelong work « 

In 2017, the Miller family transferred ownership of the Jazz to a trust meant to keep the team in Utah for decades to come.In his statement, Miller expressed confidence that Smith would continue to keep the Jazz in. Utah

« Over the past few years I have paid great attention to my team placement in an inherited trust This was done as part of my estate plan and in an effort to ensure our loyal fans of Jazz that the team would stay in Utah I am completely convinced that with this sale, the objectives of the trust will be honored and the new owners have made the same commitment to keep the team in Utah This transaction will open up opportunities which will allow us to continue our management of ‘in a way that was not possible until now Our mission is and will continue to be to enrich lives « 

Utah Jazz, Gail Miller, Qualtrics, Larry H Miller, Utah Utes football

World news – United States – Gail Miller and her family allegedly sold Utah Jazz to the founder of Qualtrics Ryan Smith for $ 1 66B


SOURCE: https://www.w24news.com

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