Miller Family Makes Move to Keep Utah Jazz in Salt Lake City
The Miller Family has transferred ownership of the Utah Jazz to a legacy trust that will keep the team in the family and in the state of Utah.
When word of the Utah Jazz making a “major announcement” on Monday hit social media, speculation on just what it would be ran wild in short order. The biggest rumors making rounds on Twitter and Facebook were the possibility that the Miller Family was selling a stake in the team or that the Jazz were moving to Las Vegas.
Rest assured, all is well in Jazz Nation. In fact, the team’s future in Utah is likely more secure than ever.
Led by Gail Miller, the Utah Jazz announced today that ownership of the team is set to become a trust. “With the approval of the NBA,” she said, “I’m transferring ownership of the Utah Jazz and Vivint SmartHome Arena into a legacy trust.”
Put simply, stewardship of the Jazz will now remain with the Miller family in perpetuity.
YES. Over and over again. Thank you Gail and the Miller family for the incredible gift of the Utah Jazz! pic.twitter.com/rUgn3AbwPz
— DidTheJazzWin? (@HaveTheJazzWon) January 23, 2017
In her statements to the press, Gail relayed the story of she and her late husband, Larry H. Miller, purchasing the team and keeping it in Salt Lake City, saying “We had to do whatever we could to make it happen.” She went on to call Monday’s transfer of ownership the “capstone of that vision.”
It was a sentiment echoed by son Bryan Miller, who serves on the board of directors for the Larry H. Miller Group of Companies —
“This trust will ensure the Jazz remain in Utah and that we, as a family will continue to uphold the fundamental principles, passion and competitiveness that Larry and Gail have demonstrated since they first bought the team.”
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In addition to keeping the team in the family, a legacy trust will reduce the burden of ownership on future generations. Trusts of this sort typically serve to significantly reduce and/or eliminate estate and gift taxes when the asset(s) — in this case, the Jazz — moves between generations.
That said, the headline here for fans is that the team will remain in Utah. Any future decisions on the team regarding ownership will likely require significant family approval and the Millers seem intent to keep the club right where it is.
By way of comparison, the Buss Family’s two-thirds stake in the Los Angeles Lakers is also trust. In their situation, there are multiple factors that would limit the family’s ability to sell their stake. For example, no individual family member can sell their share of ownership and any sale of the stake in its entirety would require approval by a 4-of-6 majority of the late Dr. Jerry Buss’ adult children.
Further details of the Miller family’s legacy trust with the Jazz have not yet been released. Check back for more information as it becomes available.