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 Posted: Mon Jan 23, 2017 3:48 pm Post subject: Miller family transfers ownership of Jazz to trust that will keep team in Utah |
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http://nba.nbcsports.com/2017/01/23/miller-family-transfers-ownership-of-jazz-to-trust-that-will-keep-team-in-utah/
| Quote: | Miller family transfers ownership of Jazz to trust that will keep team in Utah
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.
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Jody Genessy @DJJazzyJody
Gail Miller: We view the legacy trust as passing the ball and all it stands for to future family members, fans and community members.
3:40 PM - 23 Jan 2017
3 3 Retweets 25 25 likes
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Jody Genessy @DJJazzyJody
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."
3:54 PM - 23 Jan 2017
4 4 Retweets 50 50 likes
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Jody Genessy @DJJazzyJody
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."
3:48 PM - 23 Jan 2017
17 17 Retweets 55 55 likes
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Jody Genessy @DJJazzyJody
Steve Miller: "The Jazz are not our family’s team. They are a community asset. They are the Utah Jazz."
3:48 PM - 23 Jan 2017
14 14 Retweets 65 65 likes
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Jody Genessy @DJJazzyJody
Gail Miller said this is the first time the NBA has allowed a family to set up a legacy trust like the Jazz have.
4:07 PM - 23 Jan 2017
24 24 Retweets 117 117 likes
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 |
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lakersken80
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| Posted: Mon Jan 23, 2017 3:57 pm Post subject: |
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| I remember back in the Stockton and Malone days, Utah used to be one of the toughest arenas to play in. Since it was their only professional sports team the fans would give it their all in cheering for their team. I think thats why the NBA succeeds in the small markets like OKC, Salt Lake City, Portland, etc. |
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AY2043
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| Posted: Mon Jan 23, 2017 5:36 pm Post subject: |
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Always thought they should have re-branded when they moved to Utah from NOLA. "Jazz" is such an awesome team name, but makes absolutely no sense from a team from freakin Utah  |
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lakersken80
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| Posted: Mon Jan 23, 2017 6:12 pm Post subject: |
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| Not only that but they should've rebranded the team to a name more fitting to the area. Change the Pelicans back to the Jazz, which was the name of the expansion team that was in New Orleans before they moved to Utah. |
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rwongega
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activeverb
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| Posted: Mon Jan 23, 2017 7:34 pm Post subject: |
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| AY2043 wrote: | | Always thought they should have re-branded when they moved to Utah from NOLA. "Jazz" is such an awesome team name, but makes absolutely no sense from a team from freakin Utah |
Some ridiculous NBA names
Utah Jazz (from New Orleans days)
Los Angeles Lakers (from Minneapolis days)
Los Angeles Clippers (from San Diego days)
Memphis Grizzles (from Vancouver days) |
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Aeneas Hunter
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| Posted: Mon Jan 23, 2017 7:37 pm Post subject: |
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| I'm surprised that the NBA approved this, but there are probably some contingencies addressed in the transfer. |
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activeverb
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| Posted: Mon Jan 23, 2017 7:50 pm Post subject: |
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| Aeneas Hunter wrote: | | I'm surprised that the NBA approved this, but there are probably some contingencies addressed in the transfer. |
Why does it surprise you? |
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Runway8
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| Posted: Tue Jan 24, 2017 4:33 am Post subject: |
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| lakersken80 wrote: | | I remember back in the Stockton and Malone days, Utah used to be one of the toughest arenas to play in. Since it was their only professional sports team the fans would give it their all in cheering for their team. I think thats why the NBA succeeds in the small markets like OKC, Salt Lake City, Portland, etc. |
That.. and their pick and roll. I don't think I've ever been more nervous watching a series than that 7 game classic against them in 88. Sick in the stomach, white knuckles and all. |
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Aeneas Hunter
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| Posted: Tue Jan 24, 2017 6:07 am Post subject: |
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| activeverb wrote: | | Aeneas Hunter wrote: | | I'm surprised that the NBA approved this, but there are probably some contingencies addressed in the transfer. |
Why does it surprise you? |
The operational contingencies may very well be addressed in the transfer. More generally, the NBA has a strong vested interest in the alienability of its franchises. Set aside the possible effect on valuations, as that is speculative. What if the next generation of family members (or whoever controls the trust) doesn't give a flip about basketball? Don't care about it, don't profit from it, can't sell it. What could go wrong with that? |
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venturalakersfan
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| Posted: Tue Jan 24, 2017 10:15 am Post subject: |
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| activeverb wrote: | | AY2043 wrote: | | Always thought they should have re-branded when they moved to Utah from NOLA. "Jazz" is such an awesome team name, but makes absolutely no sense from a team from freakin Utah |
Some ridiculous NBA names
Utah Jazz (from New Orleans days)
Los Angeles Lakers (from Minneapolis days)
Los Angeles Clippers (from San Diego days)
Memphis Grizzles (from Vancouver days) |
Clippers still make sense, LA is on the ocean.
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RIP mom. 11-21-1933 to 6-14-2023. |
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activeverb
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| Posted: Tue Jan 24, 2017 10:26 am Post subject: |
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| venturalakersfan wrote: | | activeverb wrote: | | AY2043 wrote: | | Always thought they should have re-branded when they moved to Utah from NOLA. "Jazz" is such an awesome team name, but makes absolutely no sense from a team from freakin Utah |
Some ridiculous NBA names
Utah Jazz (from New Orleans days)
Los Angeles Lakers (from Minneapolis days)
Los Angeles Clippers (from San Diego days)
Memphis Grizzles (from Vancouver days) |
Clippers still make sense, LA is on the ocean. |
Not really. When the Boston Braves moved to San Diego, they had a public vote on the team's new name and people voted for Clippers because San Diego is a naval town known for ships. Clippers really does reflect San Diego.
Even though we have a great harbor, I can't imagine "Clippers" winning a public vote in Los Angeles -- we just don't associate with sailing in the way they do in San Diego.
It's not an incongruous name, like Lakers, but it really doesn't work either. But then it's not as nonsensical as the Lakers or the Dodgers. |
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Aeneas Hunter
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| Posted: Tue Jan 24, 2017 2:44 pm Post subject: |
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| Just an aside: I've never understood why the original San Diego franchise was called the Rockets. The name sort of fits in Houston because of the NASA connection. But the San Diego Rockets? Supposedly it has something to do with Atlas rockets being made in San Diego, but it seems weird that making rockets was something identified with San Diego. |
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999
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| Posted: Tue Jan 24, 2017 3:19 pm Post subject: |
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| activeverb wrote: | | venturalakersfan wrote: | | activeverb wrote: | | AY2043 wrote: | | Always thought they should have re-branded when they moved to Utah from NOLA. "Jazz" is such an awesome team name, but makes absolutely no sense from a team from freakin Utah |
Some ridiculous NBA names
Utah Jazz (from New Orleans days)
Los Angeles Lakers (from Minneapolis days)
Los Angeles Clippers (from San Diego days)
Memphis Grizzles (from Vancouver days) |
Clippers still make sense, LA is on the ocean. |
Not really. When the Boston Braves moved to San Diego, they had a public vote on the team's new name and people voted for Clippers because San Diego is a naval town known for ships. Clippers really does reflect San Diego.
Even though we have a great harbor, I can't imagine "Clippers" winning a public vote in Los Angeles -- we just don't associate with sailing in the way they do in San Diego.
It's not an incongruous name, like Lakers, but it really doesn't work either. But then it's not as nonsensical as the Lakers or the Dodgers. |
didnt they move from Buffalo? |
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Basketball Fan
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| Posted: Tue Jan 24, 2017 5:30 pm Post subject: |
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| Yes they were the Buffalo Braves |
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