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The Jazz were owned by the Miller family for 35
years before Gail Miller, the owner and chair of the Larry H
Miller Group, said in October that they were selling a majority
interest to Smith and his wife Ashley.
The deal to buy the Jazz, reported by ESPN to be worth $1.66
billion, also includes the Vivint Arena, its G League affiliate
Salt Lake City Stars team and management operations of the
Triple-A baseball affiliate Salt Lake Bees.
The Millers have retained a minority interest in the team.
"Ryan Smith is a forward-thinking, community-minded entrepreneur
and business leader who will be a fantastic addition to our
league," NBA Commissioner Adam Silver said in a statement.
"We are also extraordinarily appreciative of Gail Miller, Greg
Miller and the Miller family for 35 years of outstanding
leadership and service and, on behalf of the entire NBA, thank
them for always running a first-class organization in every
way."
Smith has been linked with the Utah franchise in recent years
when he co-founded '5 For The Fight' -- a campaign to eradicate
cancer that has raised more than $26 million -- and had its logo
featured on the Jazz jersey.
The 42-year-old said this deal was special to him as he grew up
as a Jazz fan.
"I'm incredibly grateful to Gail Miller and her family for
placing their trust in Ashley and me to carry forward their
amazing legacy," Smith said.
"The Jazz have a phenomenal leadership team who will continue to
guide the organization. We are all committed to building, and to
building in Utah."
The Jazz have made the playoffs in the last four years but did
not get past the semi-finals stage in the Western Conference.
(Reporting by Rohith Nair in Bengaluru, editing by Louise
Heavens and Pritha Sarkar)
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