SALT LAKE CITY — Tech entrepreneur Ryan Smith and his wife Ashley are the new majority owners of the Utah Jazz and its affiliated businesses following a unanimous vote of approval by the NBA Board of Governors.
"The transaction included the Utah Jazz, Vivint Arena, the NBA G League Salt Lake City Stars, and management operations of the Triple-A baseball affiliate Salt Lake Bees. A separate agreement and approval process are ongoing for The Zone Sports Network (97.5 FM, 1280 AM). These properties will comprise the newly formed Smith Entertainment Group (SEG). Terms of the deal were not disclosed," a news release from the Utah Jazz states.
Tech entrepreneur Mike Cannon-Brookes and venture capitalist Ryan Sweeney were named as minority shareholders.
As NBA Governor of the Utah Jazz, Smith has final decision-making authority for all of the team's business and basketball operations related to the team and other assets included in the transaction.