A source said the move was tied to the recent announcement that a private equity firm is now a minority investor in the Jazz, a move that could also help bring a third pro sports team to Utah.
After hanging on to a 20% stake in the team following its October 2020 sale to Ryan Smith, the longtime owners of the team now part with more, in a deal a source says is tied to the new Arctos partnership.
Gail Miller, owner and chair of the Larry H. Miller Group of Companies and the Utah Jazz speaks at a news conference where she announced agreements to sell a majority interest in the Utah Jazz and other sports to Ryan Smith at vivint.SmartHome Arena on October 28, 2020 in Salt Lake City, Utah.The Miller family is selling off more of its share of the Utah Jazz.the Millers sold 80% of the Jazz to a group headed by Ryan SmithOn Wednesday morning, the Larry H.
A source with knowledge of the situation but not authorized to speak publicly said that the move was tied to the recent announcement thatForbes reported that Arctos and another partner bought roughly a 10% stake from the Miller family. And it would seem to have come at a premium: the Jazz’s value has increased substantially since the Millers sold the team to Smith in 2020, according to Forbes.“As initially agreed, our family is selling a portion of our remaining ownership in the Utah Jazz, pending final NBA approval. We have treasured our stewardship of the franchise and remain strong supporters of the team and its place in our community.
It is expected that Smith Entertainment Group will, at some point, buy the remaining shares from the Miller family, which has had zero input on management decisions since the original sale.former NBA All-Star Dwyane WadeSmith Entertainment Group, in announcing the deal with Arctos last week, said that its plan includes ultimately bringing a third major professional sports franchise to Utah, to join the Jazz and Major League Soccer club Real Salt Lake.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
European Markets Lower as Energy, Growth Fears Take Hold; Euro at 20-Year LowEuropean markets were lower on Tuesday morning, tracking global sentiment as a fresh surge in European energy prices deepened fears of a recession and sent the euro to 20-year lows.
Read more »
Woman in Cochise County stung 20 times by beesThe Cochise County Sheriff is reporting that a woman was stung about 20 times by bees on Monday, Aug 22.
Read more »
European Markets Mixed as Investors Monitor Oil Prices, New Data; Euro at 20-Year LowEuropean markets were flat Tuesday morning, with investors digesting a rise in oil prices and fresh economic data out of the euro zone.
Read more »
Bitcoin Price Struggles at $21K, EOS Soars 20% (Market Watch)EOS has gained the most from the altcoins, followed by ATOM. Bitcoin currently stands above $21,000.
Read more »
Golf '20 Years' the fastest R-badged VW everNew 333hp Golf '20 Years' will be the fastest R-badged VW ever - well, at least around the Nurburgring.
Read more »
Zoe Leonard’s ‘Strange Fruit’ art installation stars heaps of 20-year-old decaying produceA work born of the AIDS epidemic memorializes those who died and challenges the very idea of permanence.
Read more »