Published: Tue, January 24, 2017
U.S. | By Eddie Scott

Ownership of Jazz Transferred to Legacy Trust to Keep Team in Utah

Ownership of Jazz Transferred to Legacy Trust to Keep Team in Utah

Miller said that there had been many chances to sell the team but any time they were asked, she said the answer always was: "The Jazz belong to Utah".

Gail Miller cited the efforts of her late husband, Larry H. Miller, to keep the Jazz in Utah in the 1980s and she and her children reasserted their own wish that the team remain for many generations to come. The trust also covers ownership and control of the Vivint Smart Home Arena, home court for the Jazz.

Larry and Gail Miller purchased 50 percent of the franchise in May 1985, then paid for the remaining 50 percent the next year.

The Millers then had small children and had recently launched their first auto dealership, an enterprise that since has grown to a corporation with more than 80 businesses and properties operating in 46 states, according to the company website.

"We both felt it was the the right thing to do", Miller told her listeners on Monday. "We leveraged everything we had". According to the Jazz, while the trust will be managed by current and future generations of the Miller family, it will not provide any material benefit to the family from the Jazz organization.

Moving the ownership over to a legacy trust ensures that the Miller family will retain stewardship over the National Basketball Association franchise.

"It's the best move for the franchise, the community and our family", Greg Miller said. "We've got to do everything we can to keep them here".

Like this: