Ryan Smith Buys Majority Stake in Utah Jazz for $1.6B

The Utah Jazz, a professional basketball organization playing in Salt Lake City as part of the NBA, has announced a change in ownership. Ryan Smith, the CEO and co-founder of Qualtrics, is acquiring a controlling interest in the team and related assets. Reports from ESPN indicate the total value of the transaction is $1.6 billion.

Smith’s financial capacity to complete this purchase stems from the 2018 sale of Qualtrics, headquartered in Provo, Utah, to SAP for a sum of $8 billion. This sale occurred shortly before Qualtrics was scheduled to launch an initial public offering. More recently, SAP revealed intentions to separate Qualtrics and re-establish it as a publicly traded company.

Beyond the Jazz franchise itself, the acquisition includes Vivint Smart Home Arena, the Salt Lake City Stars – the team’s NBA G League affiliate – and operational control of the Salt Lake Bees, a Triple-A baseball team. The current owners, the Miller family, have overseen these properties for over thirty years and are transferring ownership to Smith.

Smith expressed considerable enthusiasm regarding the opportunity to invest in a team he has long been a fan of. He stated, “My wife and I are deeply honored and thrilled to guide this team’s progress for many years to come – particularly alongside the NBA’s most dedicated supporters. The Utah Jazz, the state of Utah, and Salt Lake City have greatly benefited from the Miller family’s significant commitment, kindness, and investment. We are eager to continue the legacy they have built.”

Finalization of the agreement is contingent upon approval from the NBA Board of Governors. Upon receiving this approval, Smith will assume complete authority regarding all franchise decisions.

Qualtrics, a provider of customer experience management software, was established in 2002 and secured over $400 million in funding from investment companies including Accel, Insight Partners, and Sequoia prior to its acquisition by SAP two years ago.

Smith is now part of a growing number of technology entrepreneurs who have purchased professional basketball teams. He joins Mark Cuban, who purchased the Dallas Mavericks in 1999 following the sale of Broadcast.com to Yahoo for $5.7 billion, and Steve Ballmer, the former CEO of Microsoft, who acquired the Los Angeles Clippers in 2014 for $2 billion.