SALT LAKE CITY—The Miller family has ensured the Jazz will be staying in Utah for a long, long time. Gail Miller announced Monday at a press conference that ownership of the franchise and Vivint Smart Home Arena will be transferred to a family legacy trust.
“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 Trust will be managed by current and future generations of the family, but will not provide material benefit from the Jazz to the family. Ownership will be held collectively by family trustees, preventing any one person or group of people from holding power to sell the team.
Gail Miller is the trustee, and ownership of the trust will be transferred to a managing board of six family members upon her passing. A process is in place to add additional family members to the board.
In addition to spreading ownership across the family tree, the trust will also prevent the family from paying estate taxes upon Miller’s passing.
Press conference audio:
"We are very happy to know that now more than ever, and for generations to come – the Jazz will belong to Utah." – Gail Miller pic.twitter.com/9HPBVgDwo7
— Utah Jazz (@utahjazz) January 23, 2017
