How much did Ryan Smith buy Utah Jazz for? Looking at Qualtrics co-founder's investment in NBA team

The Utah Jazz is among the NBA teams that have recently undergone changes in ownership. While it's not unusual for NBA teams to undergo changes in ownership, notable shifts have occurred in several teams, including the Jazz, Phoenix Suns and Minnesota Timberwolves, over the past few years.

The majority ownership of the Utah Jazz was acquired by technology entrepreneur Ryan Smith in October 2020, marking the end of the Miller family's 35-year tenure as owners of the franchise.

The NBA Board of Governors approved the sale two months later.

Larry H. Miller, who gained full ownership of the Jazz in 1986, is remembered for his decision to invest his entire fortune in order to keep the franchise in Salt Lake City.

Following his passing in 2009, Gail Miller assumed the roles of owner and chairman of the board for the Jazz's parent company.

Smith had been actively pursuing the purchase of the Jazz, Gail said.

How much did Ryan Smith buy Utah Jazz for?

According to ESPN, the purchase price for the Utah Jazz is $1.66 billion.

Aside from acquiring the Jazz, Ryan Smith also bought the Vivint Arena, the Jazz’s G League affiliate, the Salt Lake City Stars, and the Triple-A Salt Lake City Bees.

As part of the agreement, it was stipulated that the team would continue to be based in Utah. This was never in doubt for Smith, a lifelong Jazz fan.

"Ryan Smith is a forward-thinking, community-minded entrepreneur and business leader who will be a fantastic addition to our league," NBA commissioner Adam Silver said in a statement.

"As a lifelong fan of the Utah Jazz and more recently as one of their key marketing partners, Ryan has demonstrated his deep commitment to the Jazz and the Utah community, and there's no doubt he will bring that same level of dedication to the operation of the team."

Smith previously backed the Jazz by sponsoring the charitable jersey patch "5 for the Fight," which has generated more than $25 million for cancer research.

In 2016, Smith was included in Fortune's "40 Under 40." As of 2023, Forbes estimated Smith's net worth at $2.1 billion.

Smith and his family are residents of Provo, Utah, where his company Qualtrics is also headquartered.

Smith co-founded the company alongside his father and brother. The company specializes in providing software that assists businesses in collecting data and evaluating how their customers perceive their products.

Qualtrics' platform is utilized by numerous companies including Uber, Coca-Cola and Pfizer. It recently agreed to a $12.5 billion all-cash acquisition offer from private equity firm Silver Lake and the Canada Pension Plan Investment Board.