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Fans of the Utah Jazz don't need to have a spaz because the franchise is going to stay in Salt Lake City for the long term. Team owner Gail Miller announced Monday that she is transferring the team and its downtown arena into a legacy trust that will keep the Jazz in the family and from moving elsewhere.
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"We've been clear from the beginning that our mission is to make sure that the Jazz stay in Utah," Miller said. "Our goal is and has always been to win an NBA championship. Utah would not be the same without the Utah Jazz."
The Jazz came to Salt Lake City from New Orleans in 1979. Miller and her husband, Larry, purchased 50 percent of the franchise in 1985 and the remainder the following year. The Millers have remained the sole owners since then.
While family members will retain control for generations to come, they will not benefit materially.
"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," Gail 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."
Gail Miller, 73, also serves as owner and chairman of the Larry H. Miller Group of Companies. She will continue as a Jazz trustee. The trustees will include six members drawn from her family.
The transfer is believed to be a first in North American professional sports.
"We view the legacy trust literally and figuratively as passing the ball and all it stands for to future generations of our family members, fans and employees," Miller said.
Miller's husband died in 2009. The Millers have an estimated net worth of $1.7 billion.
"It's part of a big package of estate planning," Gail Miller said. "But it's one part that's all done and it will last forever, as long as we have people who are willing and able to take care of it."
