The family of late Jazz owner Larry Miller is returning to top-flight professional sports ownership in their hometown of Salt Lake City through the purchase of a controlling interest in MLS’ Real Salt Lake and the NWSL’s Utah Royals. Sources with knowledge of the deal terms said the transaction values the entire enterprise, which in addition to the teams includes America First Field and Zions Bank Training Center, at $600M.
David Blitzer, who had been the organization’s majority owner since January 2022, will remain on board as a minority owner and is expected to continue attending MLS board meetings alongside Larry H. Miller Co. Chair Steve Miller (the son of Larry and his surviving wife, Gail). Current Jazz and Utah Hockey Club owner Ryan Smith, who acquired a significant minority stake in the soccer organization as part of the 2022 purchase, sold his entire stake to the Miller family.
Sources with knowledge of the situation said Blitzer gave Smith and his wife, Ashley, the first right of refusal last fall to become the majority owners of Real Salt Lake and the Royals. The Smiths decided instead to focus their attention and resources on the Jazz and Utah Hockey Club, as well as their ongoing renovation of Delta Center and the redevelopment of the area surrounding the teams’ downtown arena. They were given the confidence to exit the soccer enterprise when it became clear that the Millers, a local family committed to the region, would be purchasing the soccer teams.
While specific valuations for the MLS and NWSL clubs were not disclosed, much of the difference between the current $600M valuation and the 2022 purchase price of around $400M can likely be attributed to the rise in value of NWSL franchises. The 2022 purchase didn’t include an active NWSL franchise but did grant Blitzer and Smith the right to purchase an NWSL expansion franchise in the future for $2M. Since then, the value of NWSL clubs has risen exponentially, with the league fetching a $110M expansion fee earlier this year for its latest expansion franchise in Denver.
America First Field is expected to undergo renovations under the Millers’ ownership, and a source with knowledge of the situation said the family has already progressed in pursuing public funding for the project. The soccer-specific stadium opened in 2008 and seats more than 20,000 fans.
Though the Miller family has been out of top-level professional sports since their sale of the Jazz to Smith in 2019, they remain the owners of the Triple-A Salt Lake Bees. The Pacific Coast League team just opened a new privately funded ballpark that cost $140M. The Millers have also led an effort to bring an MLB expansion franchise to the Salt Lake City area.
A press conference is scheduled for Friday at 12:30pm ET/10:30am MT. Both MLS Commissioner Don Garber and NWSL Commissioner Jessica Berman will be in attendance, along with Steve Miller, Blitzer, Larry H. Miller Co. CEO Steve Starks and Gov. Spencer Cox (R-Utah).
