Miller Family Selling Portion Of Jazz Ownership Share
Aug 24, 2022, 11:07 AM | Updated: 11:08 am
(Photo by Gene Sweeney Jr./Getty Images)
SALT LAKE CITY – The Larry H. Miller Company announced that it was selling a portion of its minority share of the Utah Jazz.
The sale comes on the heels of last week’s announcement that the Artcos Sports Partners were buying a portion of the Smith Entertainment Group in hopes of bringing another major professional sports franchise to Utah.
Sources tell KSL Sports that the two transactions are related.
The Miller family announces it is selling a portion of its minority ownership of the Utah Jazz and affirms its commitment to the advancement of sports and entertainment in Utah. https://t.co/1kteCKj49l pic.twitter.com/TV57pgUZms
— The Larry H. Miller Company (@theLHMcompany) August 24, 2022
“As initially agreed, our family is selling a portion of our remaining ownership in the Utah Jazz, pending final NBA approval,” the Miller Company said in a release.
“We have treasured our stewardship of the franchise and remain strong supporters of the team and its place in our community. In addition to our business enterprises and philanthropic endeavors, we are proud to continue our ownership of the Salt Lake Bees, the Triple-A affiliate of the Los Angeles Angels. Our family and the Larry H. Miller Company are excited about and committed to the advancement of sports and entertainment in this great state.”
The Miller’s first bought into the Jazz organization in 1985 when then-owner Sam Battistone was deep in debt, and contemplating moving the team to Miami. The Miller’s bought half of the team in ’85, before taking complete control in 1986.
The family agreed to sell a majority share of the Jazz to Ryan Smith in October of 2020 but held onto a minority share of the team.
Arctos Buys Share In Jazz
On Friday, the Smith Entertainment Group announced that Arctos Sports Partners was buying a minority share in the company.
Launched in 2019, Arctos is a private equity firm that has built more than $5 billion in assets through the Artcos Sports fund. The company specializes in investing in passive minority stakes in professional sports franchises whose value appreciates faster than traditional stock investments.
Breaking: Arctos Sports Partners are buying a minority share of the Smith Entertainment Group, including the @UtahJazz, and are doing so in hopes of bringing a third professional sports team to the state of Utah. #TakeNote | @BensHoops https://t.co/5vgZQMq8cx
— KSL Sports (@kslsports) August 19, 2022
“SEG and Arctos are bullish on the Utah sports and entertainment market and are aligned in their commitment to the State of Utah, which includes a focus on SEG’s expansion plans, its intention to bring a third professional sports franchise to the state, and its goal to build Utah as a premier sports and entertainment center,” according to a release regarding the purchase.
Arctos already owns minority shares in three NBA teams including the Golden State Warriors, Sacramento Kings, and the Philadelphia 76ers, several MLB teams including the Los Angeles Dodgers, the Chicago Cubs, and the Boston Red Sox, Liverpool FC of the English Premier League, various NHL teams, and Real Salt Lake.
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