Tech entrepreneur to buy Jazz; Rockets hiring Silas

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 35year 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 Utahbased 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.

“After much soul searching, lengthy discussions and extensive evaluations of our long-term goals, my family and I decided this was the right time to pass our responsibility and cherished stewardship of 35 years to Ryan and Ashley, who share our values and are committed to keeping the team in Utah,” Miller said. “We have every confidence they will continue the work we have undertaken and move the team to the next level.”

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.

“The Miller family has had an unbelievable impact on countless people through the Utah Jazz and the other organizations they run,” Smith said. “We all owe a great debt to the Miller family for the amazing stewardship they have had over this asset for the past 35 years.”

Larry and Gail Miller bought 50% of the Jazz in May 1985 for $8 million, then bought the remaining 50% the following year for $14 million. Forbes, in its annual valuation of franchises, said the Jazz were worth $1.55 billion earlier this year.

The Jazz have the NBA’s third-best record since the 1985-86 season, their .588 winning percentage in that span trailing only San Antonio (.633) and the Los Angeles Lakers (.596).

SILAS TO COACH ROCKETS

The Houston Rockets and Stephen Silas have an agreement for the Dallas assistant to replace Mike D’Antoni as coach, multiple people with knowledge of the deal said Wednesday.

The hiring of the son of former NBA player and coach Paul Silas completes a significant change in the leadership of the team with the league’s longest active playoff streak after Daryl Morey decided not to return as general manager following D’Antoni’s departure.

The people spoke to The Associated Press on condition of anonymity because no announcement has been made.

The new combination of coach and GM comes after eight straight trips to the playoffs for the Rockets, all since acquiring James Harden in an offseason trade with Oklahoma City in 2012.

Morey was the architect of those rosters, and D’Antoni led the Rockets to a franchise-record 65 wins in 2017-18 before a Game 7 loss to Golden State in the Western Conference finals. The Warriors swept Cleveland to win the title.

Houston recorded 50-win seasons in each of D’Antoni’s first three years and had a shot at another when the pandemic shut down the regular season last March.

The Rockets beat Oklahoma City in the first round of the playoff bubble in Florida this year before losing to the champion Lakers.