Miller family sell the Utah Jazz

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Miller family sell the Utah Jazz

Post by tysteve20 » October 28th, 2020, 10:11 am

https://www.nba.com/jazz/news/gail-mill ... -founder-0

Sold to the founder of qualtrics for $1.6 billion. Didn’t see that coming.

Sale to Include Utah Jazz, Vivint Arena and Salt Lake City Stars, Smith Commits to Keeping NBA Team in Utah

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Last edited by tysteve20 on October 28th, 2020, 10:11 am, edited 1 time in total.



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Re: Miller family sell the Utah Jazz

Post by Yossarian » October 28th, 2020, 10:12 am

Interesting



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Re: Miller family sell the Utah Jazz

Post by 3rdGenAggie » October 28th, 2020, 10:37 am

Didn't see that coming. It sounds like the Trust the Millers created is still in effect, so the Trust would have to agree for an owner to move the team from Utah.

Ryan Smith is a Utah guy to the core though. I don't see him taking the team anywhere.
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Re: Miller family sell the Utah Jazz

Post by Mr. Sneelock » October 28th, 2020, 10:59 am

Not sure I like this. The Millers have been very good for Utah and the Utah Jazz.


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Re: Miller family sell the Utah Jazz

Post by tysteve20 » October 28th, 2020, 11:00 am




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Re: Miller family sell the Utah Jazz

Post by AGinNEIowa » October 28th, 2020, 11:29 am

where else would the Utah Jazz play, besides Utah?

They'd have to change the name to move
Saints to move to New Orleans
Surfers to move to Pittsburgh
Hillbillies to move to Kansas City
Cowboys to move to New York City
Senators to move to Las Vegas
Rockies to move to Minneapolis
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Re: Miller family sell the Utah Jazz

Post by GeoAg » October 28th, 2020, 12:57 pm

According to the trib the trust is no more...https://www.sltrib.com/sports/jazz/2020 ... er-family/

"In 2017, Miller transferred ownership of the team and its arena to a legacy trust, a plan she said would keep the franchise in the family and in Salt Lake City in perpetuity.

Under that plan, she was to serve as the trustee, then eventually transfer control of the organization to a six-person board of managers, composed of members of her family, a move that she noted on Wednesday was done “with the objective of assuring our loyal fans that the team would remain in Utah.”

Those legacy plans apparently changed, though. With the ongoing coronavirus pandemic, Miller noted that 2020 has been an “unexpected journey.”

The Larry H. Miller Group of Companies laid off hundreds of employees in April. In May, Larry H. Miller Sports & Entertainment announced a 40% reduction in workforce after revenues were cut to near zero in the wake of the COVID-19 pandemic.

Miller did not say whether finances factored into her decision to sell. Still, she added, selling the team to Ryan and Ashley Smith will ultimately accomplish the goal of keeping the Jazz in place.


“I am fully convinced that with this sale, the objectives of that trust will still be honored,” Miller said. "And I want you to know that the new owners have made the same commitment to keep the team in Utah."
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Re: Miller family sell the Utah Jazz

Post by Aggie formerly in Hawaii » October 28th, 2020, 1:34 pm

On one hand sad to see the Millers selling the team. They have done a lot for sports in the state of Utah. Larry Miller will always be a Legend in Utah Sports for what he did with the Jazz from becoming full owner of the team in 86 to his death in 09 and kudos to his family for carrying on the legacy. They did a lot to grow the brand in Utah and there was never a chance they would sell it to anyone who would move the team.

On the other hand I am excited to see new blood energized in the franchise. The Jazz are in a great spot with 2 all stars and some good complimentary pieces. Winning the title in the next 5 years is possible with the right moves being made. Ryan Smith is a Utahn and a Jazz fan who will be hungry to get the Jazz their first title. Excited to see what moves he makes.
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Re: Miller family sell the Utah Jazz

Post by ProvoAggie » October 28th, 2020, 1:41 pm

I honestly see this as a positive moving forward. Gail may have realized that her heirs didn't have the same passion for the Jazz that she and Larry did and by selling now she has her say in the teams future that would be gone if she passed. The team is in the hands of a superfan that is passionate about the franchise and committed to Utah. He could have moved his business to Silicon Valley and was encouraged to but wanted to keep the jobs in the state.
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Re: Miller family sell the Utah Jazz

Post by sneed » October 28th, 2020, 1:45 pm

Good discussion for everyone and good timing I think.

I’m surprised he can afford this though.... maybe a big loan? That’s about all this guy is worth. Could be scary for him if rating this year weren’t just an anomaly - or maybe his brother and other partners are in on this?



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Re: Miller family sell the Utah Jazz

Post by ProvoAggie » October 28th, 2020, 1:47 pm

sneed wrote:
October 28th, 2020, 1:45 pm
I’m surprised he can afford this though.... maybe a big loan? That’s about all this guy is worth. Could be scary for him if rating this year weren’t just an anomaly - or maybe his brother and other partners are in on this?
He sold Qualtrics for $8 billion. I don't know what his cashflow looks like but I'm guessing he has other investments and such at this point that have netted him some return.



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Re: Miller family sell the Utah Jazz

Post by BLUERUFiO » October 28th, 2020, 1:59 pm

Historically, this investment provides a huge ROI down the road. NBA teams have gone up and up just like home values in SLC ;)


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Re: Miller family sell the Utah Jazz

Post by sneed » October 28th, 2020, 2:00 pm

ProvoAggie wrote:
sneed wrote:
October 28th, 2020, 1:45 pm
I’m surprised he can afford this though.... maybe a big loan? That’s about all this guy is worth. Could be scary for him if rating this year weren’t just an anomaly - or maybe his brother and other partners are in on this?
He sold Qualtrics for $8 billion. I don't know what his cashflow looks like but I'm guessing he has other investments and such at this point that have netted him some return.
I know but supposedly he split about $3 billion with two other people from that deal. Forbes estimates he is worth $1.3 billion. Company must have had a lot of Dept and other partners (normal).

Guy did amazing of course. Just curious how this is all financed and how many people will be owning the Jazz.



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Re: Miller family sell the Utah Jazz

Post by tjensen_25 » October 28th, 2020, 2:21 pm

sneed wrote:
October 28th, 2020, 2:00 pm
ProvoAggie wrote:
sneed wrote:
October 28th, 2020, 1:45 pm
I’m surprised he can afford this though.... maybe a big loan? That’s about all this guy is worth. Could be scary for him if rating this year weren’t just an anomaly - or maybe his brother and other partners are in on this?
He sold Qualtrics for $8 billion. I don't know what his cashflow looks like but I'm guessing he has other investments and such at this point that have netted him some return.
I know but supposedly he split about $3 billion with two other people from that deal. Forbes estimates he is worth $1.3 billion. Company must have had a lot of Dept and other partners (normal).

Guy did amazing of course. Just curious how this is all financed and how many people will be owning the Jazz.
Most teams have an ownership group with one majority owner and several minority holders. I'm assuming this will be the case with the Jazz, but I could be wrong.



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Re: Miller family sell the Utah Jazz

Post by GeoAg » October 28th, 2020, 3:37 pm

He didn't pay for the whole team. The Millers still have a minority stake.
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Re: Miller family sell the Utah Jazz

Post by tysteve20 » October 28th, 2020, 4:17 pm

GeoAg wrote:He didn't pay for the whole team. The Millers still have a minority stake.
Right. Miller’s will retain 20%


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Re: Miller family sell the Utah Jazz

Post by 2004AG » October 28th, 2020, 4:29 pm

tysteve20 wrote:
October 28th, 2020, 4:17 pm
GeoAg wrote:He didn't pay for the whole team. The Millers still have a minority stake.
Right. Miller’s will retain 20%


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1.6 billion doesn't even get you the whole team? Does that mean 60-80% costs 1.6 billion?



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Re: Miller family sell the Utah Jazz

Post by Intermeddler » October 28th, 2020, 4:33 pm

$1.6 billion for 80% puts the total valuation at $2 billion.

The cost of money is so little right now he would have been dumb to not finance as much as he could.

My assumption is that a decision on the level of moving the team would require unanimity among the owners and that would effectively give the Miller family veto rights on moving the team but that is just a guess.

He seems like the best possible candidate to buy the team if the goals are to keep it in Utah and keep it competitive.



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Re: Miller family sell the Utah Jazz

Post by stang » October 28th, 2020, 4:40 pm

I have mixed feelings because the Millers were unbelievable for that franchise and for the state of Utah as a whole, but I think it’s going into good hands. Ryan Smith is a Utah man who is a life long Jazz fan and has already done lots of great things for the team (the Five for the Fight patch, offering to buy the SME Steel suite when their racist asses backed out). Gail is aging, and clearly the rest of the family wasn’t interested in giving the team the time and attention it requires, so passing it along to a young, ambitious person who is dedicated to keeping the team in Utah long-term is probably the best case scenario.
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Re: Miller family sell the Utah Jazz

Post by 3rdGenAggie » October 28th, 2020, 5:27 pm

Somewhat off-topic: how does one buy something for $1.6 billion. It's not like anybody has that much cash laying around. Are there banks that will cut a billion dollar check if you get a loan? How does this kind of thing work?


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Re: Miller family sell the Utah Jazz

Post by Yossarian » October 28th, 2020, 5:56 pm

2004AG wrote:
October 28th, 2020, 4:29 pm
tysteve20 wrote:
October 28th, 2020, 4:17 pm
GeoAg wrote:He didn't pay for the whole team. The Millers still have a minority stake.
Right. Miller’s will retain 20%


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1.6 billion doesn't even get you the whole team? Does that mean 60-80% costs 1.6 billion?
I believe the $1.6B is not just for the Jazz franchise. This includes Vivint Arena, Triple A baseball Salt Lake Bees, and the Utah Stars franchise of the developmental league.



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Re: Miller family sell the Utah Jazz

Post by Yossarian » October 28th, 2020, 5:58 pm

BLUERUFiO wrote:
October 28th, 2020, 1:59 pm
Historically, this investment provides a huge ROI down the road. NBA teams have gone up and up just like home values in SLC ;)
If the $1.6B was just the price tag for the Jazz (which it isn't - there are other assets and franchises included in the sale), the ROI on the Miller's investment 35 years ago of $25M for outright purchase of the Jazz would have yielded them about 12.5% annual return on that investment. Not too shabby.



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Re: Miller family sell the Utah Jazz

Post by 2004AG » October 28th, 2020, 5:58 pm

He should buy the Real Salt Lake while he's at it.
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Re: Miller family sell the Utah Jazz

Post by KissMyAg » October 28th, 2020, 8:25 pm

sneed wrote:
October 28th, 2020, 1:45 pm
Good discussion for everyone and good timing I think.

I’m surprised he can afford this though.... maybe a big loan? That’s about all this guy is worth. Could be scary for him if rating this year weren’t just an anomaly - or maybe his brother and other partners are in on this?
I’m actually shocked he can afford the team to be honest and Gail saw the writing on the wall, it’s hard to stay net positive running a small market team like the Jazz and I can only imagine COVID greased the wheels on the sale.

Ryan sold his company for 8 billion but he got nowhere near that in the bank. He had other investors (such as VC firms or PE firms) who held shares in his company. He probably made 3 billion at most BUT taxes takes it down to 1.5 billion. He’s obviously not going to blow his wad on a team so I’m sure he took a substantial loan (that will be paid from future revenue) to buy this thing.

He is going to have a hard time running revenue in the green with the debt he took on. Gail slashed budgets and RIFed many just to remain positive and she owned the team without debt.

I bet this thing is for sale in another five years. I’m not sure he can stay net positive.



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Re: Miller family sell the Utah Jazz

Post by ProvoAggie » October 28th, 2020, 8:47 pm

Yossarian wrote:
October 28th, 2020, 5:56 pm
2004AG wrote:
October 28th, 2020, 4:29 pm
tysteve20 wrote:
October 28th, 2020, 4:17 pm
GeoAg wrote:He didn't pay for the whole team. The Millers still have a minority stake.
Right. Miller’s will retain 20%


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1.6 billion doesn't even get you the whole team? Does that mean 60-80% costs 1.6 billion?
I believe the $1.6B is not just for the Jazz franchise. This includes Vivint Arena, Triple A baseball Salt Lake Bees, and the Utah Stars franchise of the developmental league.
It doesn't include the Bees but it does include the arena and Stars. Gail said today that they would still be partners with the Bees but they weren't included in the deal.

To put the price into perspective a bit, Steve Balmer paid $2 billion for the Clippers 6 years ago and that didn't include an arena.



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Re: Miller family sell the Utah Jazz

Post by Aggie formerly in Hawaii » October 28th, 2020, 9:36 pm

ProvoAggie wrote:
October 28th, 2020, 8:47 pm
Yossarian wrote:
October 28th, 2020, 5:56 pm
2004AG wrote:
October 28th, 2020, 4:29 pm
tysteve20 wrote:
October 28th, 2020, 4:17 pm
GeoAg wrote:He didn't pay for the whole team. The Millers still have a minority stake.
Right. Miller’s will retain 20%


Sent from my iPhone using Tapatalk

1.6 billion doesn't even get you the whole team? Does that mean 60-80% costs 1.6 billion?
I believe the $1.6B is not just for the Jazz franchise. This includes Vivint Arena, Triple A baseball Salt Lake Bees, and the Utah Stars franchise of the developmental league.
It doesn't include the Bees but it does include the arena and Stars. Gail said today that they would still be partners with the Bees but they weren't included in the deal.

To put the price into perspective a bit, Steve Balmer paid $2 billion for the Clippers 6 years ago and that didn't include an arena.
And the Houston Rockets recently sold for 2.2 billion.

Here is a recent article from February that has valuations for each NBA franchise.

https://www.hoopsrumors.com/2020/02/for ... tions.html

By all accounts it is a pretty fair price.



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Re: Miller family sell the Utah Jazz

Post by Intermeddler » October 29th, 2020, 12:21 am

KissMyAg wrote:
October 28th, 2020, 8:25 pm
sneed wrote:
October 28th, 2020, 1:45 pm
Good discussion for everyone and good timing I think.

I’m surprised he can afford this though.... maybe a big loan? That’s about all this guy is worth. Could be scary for him if rating this year weren’t just an anomaly - or maybe his brother and other partners are in on this?
I’m actually shocked he can afford the team to be honest and Gail saw the writing on the wall, it’s hard to stay net positive running a small market team like the Jazz and I can only imagine COVID greased the wheels on the sale.

Ryan sold his company for 8 billion but he got nowhere near that in the bank. He had other investors (such as VC firms or PE firms) who held shares in his company. He probably made 3 billion at most BUT taxes takes it down to 1.5 billion. He’s obviously not going to blow his wad on a team so I’m sure he took a substantial loan (that will be paid from future revenue) to buy this thing.

He is going to have a hard time running revenue in the green with the debt he took on. Gail slashed budgets and RIFed many just to remain positive and she owned the team without debt.

I bet this thing is for sale in another five years. I’m not sure he can stay net positive.
Almost all of his gain was probably taxed as LTCG for a blended effective rate of 29 percent not 50 percent.



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Re: Miller family sell the Utah Jazz

Post by KissMyAg » October 29th, 2020, 6:03 am

Intermeddler wrote:
October 29th, 2020, 12:21 am
KissMyAg wrote:
October 28th, 2020, 8:25 pm
sneed wrote:
October 28th, 2020, 1:45 pm
Good discussion for everyone and good timing I think.

I’m surprised he can afford this though.... maybe a big loan? That’s about all this guy is worth. Could be scary for him if rating this year weren’t just an anomaly - or maybe his brother and other partners are in on this?
I’m actually shocked he can afford the team to be honest and Gail saw the writing on the wall, it’s hard to stay net positive running a small market team like the Jazz and I can only imagine COVID greased the wheels on the sale.

Ryan sold his company for 8 billion but he got nowhere near that in the bank. He had other investors (such as VC firms or PE firms) who held shares in his company. He probably made 3 billion at most BUT taxes takes it down to 1.5 billion. He’s obviously not going to blow his wad on a team so I’m sure he took a substantial loan (that will be paid from future revenue) to buy this thing.

He is going to have a hard time running revenue in the green with the debt he took on. Gail slashed budgets and RIFed many just to remain positive and she owned the team without debt.

I bet this thing is for sale in another five years. I’m not sure he can stay net positive.
Almost all of his gain was probably taxed as LTCG for a blended effective rate of 29 percent not 50 percent.
Whatever... point is he only has 1.5 billion in the bank at most therefore he has to take a lot of loans out for this — all for a small market team during a pandemic.



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Re: Miller family sell the Utah Jazz

Post by aggies22 » October 29th, 2020, 10:17 am

KissMyAg wrote:
October 29th, 2020, 6:03 am
Intermeddler wrote:
October 29th, 2020, 12:21 am
KissMyAg wrote:
October 28th, 2020, 8:25 pm
sneed wrote:
October 28th, 2020, 1:45 pm
Good discussion for everyone and good timing I think.

I’m surprised he can afford this though.... maybe a big loan? That’s about all this guy is worth. Could be scary for him if rating this year weren’t just an anomaly - or maybe his brother and other partners are in on this?
I’m actually shocked he can afford the team to be honest and Gail saw the writing on the wall, it’s hard to stay net positive running a small market team like the Jazz and I can only imagine COVID greased the wheels on the sale.

Ryan sold his company for 8 billion but he got nowhere near that in the bank. He had other investors (such as VC firms or PE firms) who held shares in his company. He probably made 3 billion at most BUT taxes takes it down to 1.5 billion. He’s obviously not going to blow his wad on a team so I’m sure he took a substantial loan (that will be paid from future revenue) to buy this thing.

He is going to have a hard time running revenue in the green with the debt he took on. Gail slashed budgets and RIFed many just to remain positive and she owned the team without debt.

I bet this thing is for sale in another five years. I’m not sure he can stay net positive.
Almost all of his gain was probably taxed as LTCG for a blended effective rate of 29 percent not 50 percent.
Whatever... point is he only has 1.5 billion in the bank at most therefore he has to take a lot of loans out for this — all for a small market team during a pandemic.
And in a league that is being run into the ground.



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Re: Miller family sell the Utah Jazz

Post by Aggie formerly in Hawaii » October 29th, 2020, 11:19 am

aggies22 wrote:
October 29th, 2020, 10:17 am
KissMyAg wrote:
October 29th, 2020, 6:03 am
Intermeddler wrote:
October 29th, 2020, 12:21 am
KissMyAg wrote:
October 28th, 2020, 8:25 pm
sneed wrote:
October 28th, 2020, 1:45 pm
Good discussion for everyone and good timing I think.

I’m surprised he can afford this though.... maybe a big loan? That’s about all this guy is worth. Could be scary for him if rating this year weren’t just an anomaly - or maybe his brother and other partners are in on this?
I’m actually shocked he can afford the team to be honest and Gail saw the writing on the wall, it’s hard to stay net positive running a small market team like the Jazz and I can only imagine COVID greased the wheels on the sale.

Ryan sold his company for 8 billion but he got nowhere near that in the bank. He had other investors (such as VC firms or PE firms) who held shares in his company. He probably made 3 billion at most BUT taxes takes it down to 1.5 billion. He’s obviously not going to blow his wad on a team so I’m sure he took a substantial loan (that will be paid from future revenue) to buy this thing.

He is going to have a hard time running revenue in the green with the debt he took on. Gail slashed budgets and RIFed many just to remain positive and she owned the team without debt.

I bet this thing is for sale in another five years. I’m not sure he can stay net positive.
Almost all of his gain was probably taxed as LTCG for a blended effective rate of 29 percent not 50 percent.
Whatever... point is he only has 1.5 billion in the bank at most therefore he has to take a lot of loans out for this — all for a small market team during a pandemic.
And in a league that is being run into the ground.
Covid obviously was bad for the league as it has been bad for all sports other than maybe the NFL, but the league made over 8 billion in 2018-2019(the last noncovid year) and the Utah Jazz had a revenue of 258 million. He'll be fine once things get back to normal. Next year might be rough though.



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Re: Miller family sell the Utah Jazz

Post by 3rdGenAggie » October 29th, 2020, 11:50 am

Aggie formerly in Hawaii wrote:
October 29th, 2020, 11:19 am
aggies22 wrote:
October 29th, 2020, 10:17 am
KissMyAg wrote:
October 29th, 2020, 6:03 am
Intermeddler wrote:
October 29th, 2020, 12:21 am
KissMyAg wrote:
October 28th, 2020, 8:25 pm
sneed wrote:
October 28th, 2020, 1:45 pm
Good discussion for everyone and good timing I think.

I’m surprised he can afford this though.... maybe a big loan? That’s about all this guy is worth. Could be scary for him if rating this year weren’t just an anomaly - or maybe his brother and other partners are in on this?
I’m actually shocked he can afford the team to be honest and Gail saw the writing on the wall, it’s hard to stay net positive running a small market team like the Jazz and I can only imagine COVID greased the wheels on the sale.

Ryan sold his company for 8 billion but he got nowhere near that in the bank. He had other investors (such as VC firms or PE firms) who held shares in his company. He probably made 3 billion at most BUT taxes takes it down to 1.5 billion. He’s obviously not going to blow his wad on a team so I’m sure he took a substantial loan (that will be paid from future revenue) to buy this thing.

He is going to have a hard time running revenue in the green with the debt he took on. Gail slashed budgets and RIFed many just to remain positive and she owned the team without debt.

I bet this thing is for sale in another five years. I’m not sure he can stay net positive.
Almost all of his gain was probably taxed as LTCG for a blended effective rate of 29 percent not 50 percent.
Whatever... point is he only has 1.5 billion in the bank at most therefore he has to take a lot of loans out for this — all for a small market team during a pandemic.
And in a league that is being run into the ground.
Covid obviously was bad for the league as it has been bad for all sports other than maybe the NFL, but the league made over 8 billion in 2018-2019(the last noncovid year) and the Utah Jazz had a revenue of 258 million. He'll be fine once things get back to normal. Next year might be rough though.
Probably, but the inseparable conflation of all forms of entertainment and politics isn't going to help, especially as we get further and further divided. Historically people enjoyed sports because it was an escape from the rest of the crap going on, now it is just more of the same. It may not hurt them much, but it's unlikely to help. (We likely will never know either way, the NBA will still make a profit and it's basically impossible to know what the profit "could have been".)


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Re: Miller family sell the Utah Jazz

Post by ViAggie » October 29th, 2020, 12:05 pm

Jazz will eventually be the Las Vegas Silver Miners or something like that. Sorry


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Re: Miller family sell the Utah Jazz

Post by Aggie formerly in Hawaii » October 29th, 2020, 12:12 pm

3rdGenAggie wrote:
October 29th, 2020, 11:50 am
Aggie formerly in Hawaii wrote:
October 29th, 2020, 11:19 am
aggies22 wrote:
October 29th, 2020, 10:17 am
KissMyAg wrote:
October 29th, 2020, 6:03 am
Intermeddler wrote:
October 29th, 2020, 12:21 am
KissMyAg wrote:
October 28th, 2020, 8:25 pm
sneed wrote:
October 28th, 2020, 1:45 pm
Good discussion for everyone and good timing I think.

I’m surprised he can afford this though.... maybe a big loan? That’s about all this guy is worth. Could be scary for him if rating this year weren’t just an anomaly - or maybe his brother and other partners are in on this?
I’m actually shocked he can afford the team to be honest and Gail saw the writing on the wall, it’s hard to stay net positive running a small market team like the Jazz and I can only imagine COVID greased the wheels on the sale.

Ryan sold his company for 8 billion but he got nowhere near that in the bank. He had other investors (such as VC firms or PE firms) who held shares in his company. He probably made 3 billion at most BUT taxes takes it down to 1.5 billion. He’s obviously not going to blow his wad on a team so I’m sure he took a substantial loan (that will be paid from future revenue) to buy this thing.

He is going to have a hard time running revenue in the green with the debt he took on. Gail slashed budgets and RIFed many just to remain positive and she owned the team without debt.

I bet this thing is for sale in another five years. I’m not sure he can stay net positive.
Almost all of his gain was probably taxed as LTCG for a blended effective rate of 29 percent not 50 percent.
Whatever... point is he only has 1.5 billion in the bank at most therefore he has to take a lot of loans out for this — all for a small market team during a pandemic.
And in a league that is being run into the ground.
Covid obviously was bad for the league as it has been bad for all sports other than maybe the NFL, but the league made over 8 billion in 2018-2019(the last noncovid year) and the Utah Jazz had a revenue of 258 million. He'll be fine once things get back to normal. Next year might be rough though.
Probably, but the inseparable conflation of all forms of entertainment and politics isn't going to help, especially as we get further and further divided. Historically people enjoyed sports because it was an escape from the rest of the crap going on, now it is just more of the same. It may not hurt them much, but it's unlikely to help. (We likely will never know either way, the NBA will still make a profit and it's basically impossible to know what the profit "could have been".)
Winning games will help the Jazz be more profitable. They are setup to win 50+ games for the foreseeable future with 2 all stars. Other than covid it is a pretty good time to buy the Jazz. Next year will probably be rough financially with limited fans, but hopefully things will be back to normal by 2021-2022. The Jazz have always been a fun escape for me and many other people just as the Aggies are. This year was no different. Game 7 against Denver was rough, but the ratings were pretty good so many other people agreed. Donovan Mitchell will be one of the top players in the NBA over the next decade. Smart of the Millers to sell now with a 23 year old star with a bright future and smart of Ryan Smith to buy now. (Covid withstanding)
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Re: Miller family sell the Utah Jazz

Post by Aggie formerly in Hawaii » October 29th, 2020, 12:16 pm

ViAggie wrote:
October 29th, 2020, 12:05 pm
Jazz will eventually be the Las Vegas Silver Miners or something like that. Sorry
Lol, not a chance, the guy who bought the team is a Utahn and a big time Jazz fan.

However, during the 83-84 season the Jazz played 11 home games at the Thomas and Mack Center and there was serious talk about moving the Jazz to Vegas then. Luckily Stockton and Malone were drafted and Larry Miller bought the team and the rest is history. Another reason Larry Miller will always be a legend in Utah sports. There is a chance the Jazz don't stay in Utah without him.

Even if the Jazz were a bad franchise like the Twolves, I doubt they would move from Utah. They are pretty much ingrained in the social fabric of Utah culture. The fact that they are a 50 win regular playoff team further shows there is no chance of them moving.



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Re: Miller family sell the Utah Jazz

Post by Intermeddler » October 29th, 2020, 12:22 pm

KissMyAg wrote:
October 29th, 2020, 6:03 am
Intermeddler wrote:
October 29th, 2020, 12:21 am
KissMyAg wrote:
October 28th, 2020, 8:25 pm
sneed wrote:
October 28th, 2020, 1:45 pm
Good discussion for everyone and good timing I think.

I’m surprised he can afford this though.... maybe a big loan? That’s about all this guy is worth. Could be scary for him if rating this year weren’t just an anomaly - or maybe his brother and other partners are in on this?
I’m actually shocked he can afford the team to be honest and Gail saw the writing on the wall, it’s hard to stay net positive running a small market team like the Jazz and I can only imagine COVID greased the wheels on the sale.

Ryan sold his company for 8 billion but he got nowhere near that in the bank. He had other investors (such as VC firms or PE firms) who held shares in his company. He probably made 3 billion at most BUT taxes takes it down to 1.5 billion. He’s obviously not going to blow his wad on a team so I’m sure he took a substantial loan (that will be paid from future revenue) to buy this thing.

He is going to have a hard time running revenue in the green with the debt he took on. Gail slashed budgets and RIFed many just to remain positive and she owned the team without debt.

I bet this thing is for sale in another five years. I’m not sure he can stay net positive.
Almost all of his gain was probably taxed as LTCG for a blended effective rate of 29 percent not 50 percent.
Whatever... point is he only has 1.5 billion in the bank at most therefore he has to take a lot of loans out for this — all for a small market team during a pandemic.
Whatever, it is only a $600,000,000 difference.



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