After 35 years of ownership of the Utah Jazz, the Larry H. Miller group is selling the team to Qualtrics founder Ryan Smith.
According to Sportico, the team will be sold for $1.66 billion.
The team was originally bought by the Larry H. Miller group for $24 million in 1986.
Smith has had a relationship with the Jazz for a while with his company based in Provo, Utah, and he’s been a long-time sponsor of the team that plays in nearby Salt Lake City.
Smith also has his eyes on the local Real Salt Lake, the local MLS club.
Sportico also noted that the Minnesota Timberwolves are on the market, and the San Antonio Spurs are looking to sell a significant minority stake of the team.
According to Forbes, Smith has a net worth of $1.3 billion.
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