The Utah Jazz franchise is now owned by billionaire Ryan Smith, founder of Qualtrics, after the NBA board of directors approved his buyout of shares from the Miller family, which has owned it for 35 years. The sale, which also includes the venue, Vivint Arena, and the Salt Lake City Stars, the reserve team playing in the G-League, amounts to $ 1.66 billion, several local media reports.
In February, Forbes magazine ranked the Jazz 21st out of 30 NBA franchises in terms of market value, estimated at $ 1.55 billion. “Ryan Smith is a visionary entrepreneur and boss who is proving to be a fantastic addition to our league,” NBA Commissioner Adam Silver said in a statement. “As a longtime Jazz fan and more recently as one of their major marketing partners, Ryan has demonstrated his deep commitment and there is no doubt that he will bring the same level of dedication to the helm of the club, ”he added.
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