Gail Miller, owner and chairman of the Larry H. Miller and Utah Jazz group of companies, announced today that they have signed definitive agreements to sell a majority stake in Utah jazz and other sports to tech entrepreneur Ryan Smith.
Melissa Majchrzak | National Basketball Association | Getty Images
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Ryan Smith, the new owner of the Utah Jazz, says he still doesn’t know exactly what kind of owner he will be, but he already knows he will focus on improving the experiences of fans and players.
Smith, 42, officially joined the fraternity of sports owners after the National Basketball Association approved its $ 1.6 billion Jazz purchase on Friday. The co-founder and CEO of Qualtrics will assume the final decision-making for the team’s business and basketball operations.
The new group of owners also adds Atlassian co-founder Mike Cannon-Brookes and Ryan Sweeney of venture capital firm Accel as minority partners.
In an interview with CNBC Pro’s “A View from Above,” Smith said he doesn’t plan to stay behind the scenes. Still, unlike other NBA owners, directing Jazz won’t be his full-time job. Qualtrics will debut from SAP early next year, less than two years after German software giant acquired the company. Smith says he expects it to be “a big company.”
“I think I’ll be on hand,” Smith told CNBC’s Alex Sherman. “But we have phenomenal leadership. We have Dennis Lindsey, a world-class general manager, and Quin Snyder, who is one of the best coaches in the league. There are some owners that that’s all they do full time. And I’m not I’m still very, very involved in Qualtrics. “
Before buying the Jazz, Smith said he explored the purchase of several NBA franchises, including the Minnesota Timberwolves. Talks between sports bankers familiar with this process suggest the Timberwolves owner Glenn Taylor is considering keeping the team for now.
“There are a couple of minority pieces that are still there,” Smith said of the NBA team’s smaller stakes. “You’ll see them coming.”
Smith said he chatted with other NBA owners with a technology background before making the purchase, including Dallas Mavericks owner Mark Cuban and Los Angeles Clippers owner Steve Ballmer, a former Microsoft CEO. Both are among the most visible team owners at NBA games. Like Cuban and Ballmer, Smith said he plans to continue sitting next to the court.
“I had a unique vision because I’ve talked to Mark five different times, or a couple of times, over the years,” Smith said. “And I’ve met a lot of other league owners because that’s where my passion has been. But they’ve given me different advice. No one has ever said, especially, that’s how you have to do it. Everyone has their own style.” .
Smith said he feels his vision of basketball will help the Jazz better align with a technology-driven league and social media.
“I understand basketball,” he said. “I have basketball. I play basketball three days a week. There’s the basketball part and the business part. Each is equally interesting to me. One from an experience standpoint and another from an understanding point of view.” .
When asked what jazz fans of his property can expect, Smith replied, “They’ll see it. They already see it. They know me, many do.”
“All I’m doing is changing seats,” Smith said of the seats next to former owner Gail Miller. “But now I have to payroll.”
Read the the entire CNBC Pro interview with Ryan Smith.
SEE: This is what inspired Ryan Smith to become the owner of the Utah Jazz