Qualtrics CEO Ryan Smith buys Utah Jazz for $1.6 billion

The Utah Jazz are heading into next season under new ownership, as the team will be sold to Ryan Smith, CEO and co-founder of Qualtrics, for $1.6 billion. 

Qualtrics, an American experience management company, was founded by Smith and others in 2002 and is currently headquartered in Provo, Utah. The company has been a sponsor of the Jazz, who play in Salt Lake City, for several years, seemingly making Smith a natural new owner for the team.

The franchise was previously owned by the Larry H. Miller group of companies, whose namesake founder bought the Jazz for just $24 million in 1986. In less than 35 years, the team's value had skyrocketed to over a billion dollars, and Forbes recently named it the 21st most valuable NBA franchise, estimating its worth was around $1.55 billion.

It will be interesting to see what sort of leadership Smith brings to the Jazz, who are a good but not great team that has not had a true superstar since the days of Stockton and Malone in the 90s. Will Smith try to take the team to the next level or is he satisfied to let the team make the playoffs but never have a real shot at title contention? 

Seeing a team bought at around market value despite the COVID-19 pandemic may be a relief to other owners across the NBA, especially Glenn Taylor, who is currently trying to sell the Minnesota Timberwolves, and Peter Holt, who is hoping to sell a minority stake of the San Antonio Spurs.