Since Larry Miller died back in 2009, there have been some around the league that thought the Jazz might eventually be sold out of the family, most likely to an owner looking to move them out of Utah. The Miller family has denied that vehemently, and there has been not even a step that direction, but it’s easier to kill Freddy Krueger than an NBA rumor.
Monday, the Miller family killed that rumor for good, taking an unprecedented step that will keep the Jazz in Utah for a long, long, time.
Gail Miller has transferred ownership of the Utah Jazz and Vivint Smart Home Arena into a Legacy Trust that will keep the Jazz in Utah for what she said would be “generations.”
“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,” Miller said. “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.”
The Miller family will continue to manage the trust (along with a board of directors) as well as the Jazz the organization. However, the Miller family will not profit from the running of the team as it had before. That eliminates the profit motive for selling the Jazz.
“As a family and company, we have always been committed to doing things the right way and working to achieve our mission of enriching lives and giving back,” said Miller. “This trust and our new corporate structure will continue this important legacy in perpetuity and represents our commitment and deep love for the State of Utah.”
Jody Genessy, Jazz writer for the Deseret News, added these notes from the press conference for the announcement.
Gail Miller: We view the legacy trust as passing the ball and all it stands for to future family members, fans and community members.
— Jody Genessy (@DJJazzyJody) January 23, 2017
Gail Miller recalled something Larry said 30 years ago: "The Jazz can't leave Utah. We've got to do everything we can to keep them here."
— Jody Genessy (@DJJazzyJody) January 23, 2017
Steve Miller on the trust: "We knew this would finally put to rest speculation about the team being sold that have existed for a long time."
— Jody Genessy (@DJJazzyJody) January 23, 2017
Steve Miller: "The Jazz are not our family’s team. They are a community asset. They are the Utah Jazz."
— Jody Genessy (@DJJazzyJody) January 23, 2017
Gail Miller said this is the first time the NBA has allowed a family to set up a legacy trust like the Jazz have.
— Jody Genessy (@DJJazzyJody) January 23, 2017
This is a huge win for the fans in Utah. It’s also a win for the NBA — billionaires buying up teams with the promise/idea of moving them is not good optics for the league. Adam Silver has favored stability (he was one of the key reasons the Kings are still in Sacramento), and this is a step in that direction.
"We are very happy to know that now more than ever, and for generations to come - the Jazz will belong to Utah." - Gail Miller https://t.co/9HPBVgDwo7
— Utah Jazz (@utahjazz) January 23, 2017
