The Jazz will be in Utah for a long time
The ownership of the Utah Jazz has taken an unprecedented move to make sure the team stays in Utah for the long term.
At a press conference earlier today, Utah Jazz owner Gail Miller announced that she has placed the team and its arena into a Legacy Trust that is designed to keep the Jazz in Salt Lake City for a long time.
“As a family, we have always considered the Utah Jazz a community asset and it has been our privilege to serve as stewards of this team for more than 30 years,” said Miller per a press release. “There have been many opportunities to sell and move the franchise, but from the day Larry and I purchased the Jazz our goal was to keep the team in Utah. The Legacy Trust will help to ensure this commitment is kept for generations to come.”
Basically, the design of the trust means it’s incredibly hard for the team to move. A 12-member board will make decisions, although the family retains ownership. With the trust in place, no one person has control and can’t simply decide to sell the team to an outside buyer who’d move the team. According to Miller, the trust is the first of its kind.
The Miller family also could have sold the team for significantly more than they paid for it, as pointed out by USA Today’s Jeff Zillgitt:
Larry and Gail Miller bought the Jazz for about $25 million in 85-86. Could've sold team for huge profit. Forbes valuation in 2016: $875M
— Jeff Zillgitt (@JeffZillgitt) January 23, 2017
In the current state of things, with Seattle in the market for a team and expansion always a possibility, Utah is a market that could have been considered for a move just based on its size. Salt Lake City also isn’t home to any other professional sport, making the Jazz a unique part of the community.
Over the last 30 years, they have the league’s third -est record. Over that time, the team has been home to the teams like the 1980-90s editions that featured John Stockon and Karl Malone. And now, after a few rough years, stars like Rudy Gobert and Gordon Hayward have the Jazz again among the league’s elite.
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At the press conference, Miller said she and her late husband have had a number of opportunities to sell and move the team. This trust means that may never happen and that the Jazz will continue to belong to Utah.