Miller family says they’re selling Jazz to Ryan Smith

SALT LAKE CITY — The majority interest of the Utah Jazz is being sold to technology entrepreneur Ryan Smith, a move that when formally approved by the NBA will end the Miller family’s 35-year run as owners of the franchise.

The Jazz said Wednesday that “definitive agreements” have been struck with Smith on the sale of the team, Vivint Arena, the team’s G League affiliate and management of a Triple-a baseball club. Part of those agreements call for the team to remain in Utah.

Smith is a co-founder of the Utah-based firm Qualtrics, which was sold to SAP for $8 billion in an all-cash deal finalized last year.

Gail Miller, the owner and chair of the Larry H. Miller Group, said she has known Smith and his wife Ashley for some time. Smith, she said, approached the Millers to gauge their interest in a sale. The terms were not immediately disclosed, though ESPN reported the purchase price to exceed $1.6 billion.

The sale will have to be approved by the NBA’S board of governors. When that happens, Smith will be installed as the team’s governor. The Miller family will retain a stake in the franchise.