When Ryan Smith bought majority ownership of the Utah Jazz in October 2020, it was announced that the Gail Miller family, owners of the franchise since the 1980s, would retain a minority stake.
On Wednesday, the family announced that it is selling “a portion of our remaining ownership.”
The figures of how much the family still owns, how much that stake is worth or who might buy it are not known.
The family said the move was “initially agreed” upon when Smith bought majority ownership, and that the sale announced is pending NBA approval.
“We have treasured our stewardship of the franchise and remain strong supporters of the team and its place in our community,” the announcement read.
The family will retain ownership of the Salt Lake Bees. That announcement comes a day after Arte Moreno, the owner of the Bees’ Major League Baseball parent club, the Los Angeles Angels, announced he is exploring a sale of the team.
“Our family and the Larry H. Miller Company are excited about and committed to the advancement of sports and entertainment in this great state,” Wednesday’s announcement concluded.
Wednesday’s news comes on the heels of an announcement by Smith last week that Arctos Sports Partners had bought a minority ownership stake in the Jazz (pending NBA approval), and that together with Smith, is eyeing bringing a third professional sports franchise to Utah, after the Jazz and Real Salt Lake of Major League Soccer.
The news also comes as the Larry H. Miller Company continues to diversify its portfolio. Last September, it announced it was selling its car dealerships, and it had previously purchased Advanced Health Care Corp. and Daybreak.