{"id":908461,"date":"2026-09-28T10:38:25","date_gmt":"2026-09-28T10:38:25","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/908461\/"},"modified":"2026-09-28T10:38:25","modified_gmt":"2026-09-28T10:38:25","slug":"whats-the-state-of-the-utah-jazz-since-ryan-smith-bought-the-team-deseret-news","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/908461\/","title":{"rendered":"What\u2019s the state of the Utah Jazz since Ryan Smith bought the team? \u2013 Deseret News"},"content":{"rendered":"

Six years and several billion dollars into the Ryan Smith era, the Jazz are poised to field a competitive team.The value of the Jazz has more than doubled since Ryan and Ashley Smith bought the team in 2021.The Jazz are part of a broader development and elevation of sports as a major plank to Salt Lake City’s identity.<\/p>\n

Ryan and Ashley Smith have owned the Utah Jazz for nearly six years now. <\/p>\n

During that time, their Smith Entertainment Group launched one of the most ambitious building stretches in the NBA \u2014 a mix of massive capital investment, rising valuation and an expanding sports empire.<\/p>\n

And the multibillion dollar investment goes beyond the team. SEG is spearheading the creation of a sports, entertainment, culture and convention district that will dramatically change downtown Salt Lake City.<\/p>\n

\"\"The Delta Center is pictured in Salt Lake City on Thursday, Sept. 24, 2026. As the Delta Center undergoes a makeover, Smith Entertainment Group\u2019s plan to redevelop a three-block area in the city center for a sports, entertainment, culture and convention district has not begun in earnest, at least not physically. The project includes reconfiguring the arena entrance to face east, pedestrian plazas, a residential tower, a hotel, and retail and restaurant space. It would impact the Salt Palace Convention Center, Abravanel Hall, Utah Museum of Contemporary Art and Japantown. | Laura Seitz, Deseret News <\/p>\n

The Jazz open training camp Monday in what likely will be their last season at the Zions Bank Basketball Campus. A new practice facility is under construction at the Shops at South Towne in Sandy. Utah\u2019s first home game is Oct. 23 in the Delta Center, which just completed the second phase of a three-year renovation.<\/p>\n

Six years and several billion dollars into the Smith era, the Jazz are poised to field a competitive team for the first time since the rebuild began \u2014 and the franchise looks nothing like the one they dismantled.<\/p>\n

\u201cI\u2019m so bullish on the NBA and where we\u2019re headed. Live entertainment is not slowing down and there\u2019s nothing like an NBA game,\u201d Ryan Smith told Front Office Sports<\/a> in a recent interview.<\/p>\n

Building a new identity\"\"Utah Jazz legends Karl Malone and John Stockton are acknowledged during the NBA All-Star Game at Vivint Arena Sunday Feb. 19, 2023. | Scott G Winterton, Deseret News <\/p>\n

There was a time 30 years ago when the Utah Jazz were known the world over. Karl Malone and John Stockton put the team on the map with deep playoff runs and two NBA Finals appearances. Global travelers spotted Jazz gear wherever they went. Russian nest dolls featuring Jazz players were sold on the streets of Moscow.<\/p>\n

The Jazz haven\u2019t generated much conversation of late. But the Smith sports empire the NBA anchors could change that, especially if the team wins again.<\/p>\n

David Carter, principal at The Sports Business Group, said Smith and his colleagues are having a demonstrable impact on the way sports and entertainment in Salt Lake City is viewed and continues to be viewed worldwide.<\/p>\n

\u201cThrough his business interests he is attempting to make money and build equity by generating revenue off the extraordinary use of sports and entertainment to build brands, especially that of the region,\u201d Carter told the Deseret News via email. <\/p>\n

\"\"Darryn Peterson, center, the No. 2 overall pick by the Utah Jazz in the 2026 NBA Draft, speaks as he\u2019s joined by Ryan Smith, right, owner of the Utah Jazz and CEO of Smith Entertainment Group, and Austin Ainge, left, president of basketball operations for the Utah Jazz, during an introductory press conference for Peterson held at the Zions Bank Basketball Campus in Salt Lake City on Saturday, June 27, 2026. | Isaac Hale, Deseret News <\/p>\n

\u201cThe Jazz, for its part, is an important part of this broader development and elevation of sports as a major plank to the city\u2019s identity. When many outsiders think about Salt Lake City\u2019s sports scene, they don\u2019t think of a particular team, event or attraction. They think, \u2018Wow, Salt Lake has really planted its flag as a global player in sports. Its growth has been remarkable.\u2019\u201d<\/p>\n

In the Front Office Sports interview, Smith said \u201cthere\u2019s no question\u201d SEG will pursue other sports franchises, including baseball and Premier League soccer, should opportunities arise. \u201cThe appetite is there. The operational expertise is there,\u201d he said.<\/p>\n

But \u201cI think we\u2019re pretty focused about like right now currently it\u2019s Utah and what can we do with sports to build the state of Utah,\u201d Smith said. \u201cAnd how can sports be the ultimate anchor tenant.\u201d<\/p>\n

Keeping the Jazz in Salt Lake City\"\"The Delta Center is pictured in Salt Lake City on Thursday, Sept. 24, 2026. | Laura Seitz, Deseret News <\/p>\n

Since buying the NBA team in 2020, Smith has added the NHL to his pro sports portfolio with the unforeseen purchase of the Arizona Coyotes in 2024. Now rebranded as the Utah Mammoth, the team made the Stanley Cup Playoffs in its second year, sold out every game and set Delta Center merchandise records. <\/p>\n

Smith flirted with the idea of building an arena to accommodate the Mammoth and Jazz at the south end of the Salt Lake Valley. But quick action by state and local government leaders secured both teams\u2019 future in downtown Salt Lake City.<\/p>\n

The Utah Legislature passed a bill to allow the city to raise its sales tax rate to divert $900 million over 30 years for renovation of the Delta Center and the surrounding blocks. SEG and the city also signed a deal that will keep the Jazz and Mammoth in the city center.<\/p>\n

The company agreed to pay up to $125 million if either team leaves the arena in the first 15 years or $250 million if both leave, with the penalties decreasing by about $16 million a year after that. Also, if both teams leave, SEG could be required to repay whatever part of the $900 million it had received up to that point.<\/p>\n

Delta Center renovations\"\"Workers add the finishing touches to the Delta Center during a private preview event to show the transformation inside the Delta Center before the public returns for the upcoming NBA and NHL seasons at the Delta Center in Salt Lake City on Friday, Sept. 25, 2026. | Tess Crowley, Deseret News <\/p>\n

SEG is two years into a three-year project to revamp the 35-year-old Delta Center as a dual-sport venue, with the work being done in basketball and hockey offseasons. <\/p>\n

In 2025, construction crews installed a riser seating system in the lower bowl to optimize hockey sightlines while maintaining them for basketball. This past summer, they redesigned and rebuilt the north end with new terrace-style seating. They\u2019ll do the same in the south end next summer.<\/p>\n

\u201cThe biggest challenge is, especially for us, we have such great sightlines for basketball, and it\u2019s very important to protect those sightlines for basketball, and we did that,\u201d said Jim Olson, president of SEG Real Estate. \u201cWe\u2019ve sat in literally every seat, so we\u2019re really confident that they\u2019re great sightlines for both sports.\u201d<\/p>\n

\"\"The updated Delta Center is shown during a private preview event to show the transformation inside the Delta Center before the public returns for the upcoming NBA and NHL seasons at the Delta Center in Salt Lake City on Friday, Sept. 25, 2026. | Tess Crowley, Deseret News <\/p>\n

Olson said other NBA and NHL teams have called wanting to know how SEG is making the arena work for both sports.<\/p>\n

\u201cYou just don\u2019t find it,\u201d he said. \u201cWe\u2019re really setting a standard here.\u201d<\/p>\n

Official capacity for Jazz games in the Delta Center is 17,867 for the 2026-27 season.<\/p>\n

Once the interior is remodeled, the company will turn its attention to the exterior in another massive overhaul.<\/p>\n

Revitalizing downtown\"\"Smith Entertainment Group released a new “draft” rendering of what they envision a downtown Salt Lake City makeover to look like around the current Delta Center on Tuesday, June 11, 2024. | Smith Entertainment Group <\/p>\n

As the Delta Center undergoes a makeover, SEG\u2019s plan to redevelop a three-block area in the city center for sports, entertainment, culture and convention district has not begun in earnest, at least not physically. The project includes reconfiguring the arena entrance to face east, pedestrian plazas, a residential tower, a hotel, retail and restaurant space. It would impact the Salt Palace Convention Center, Abravanel Hall, Utah Museum of Contemporary Art and Japantown<\/a>.<\/p>\n

In May, Salt Lake County approved the sale of 6.5 acres of the Salt Palace to SEG. Demolition and reconstruction of buildings in the district won\u2019t begin until early next year. <\/p>\n

In 2025, the company announced a joint venture with Live Nation, the world\u2019s largest live entertainment promoter, to build a 6,000-seat indoor music venue as part of the downtown district.<\/p>\n

\"\"The Delta Center is pictured in Salt Lake City on Thursday, Sept. 24, 2026. As the Delta Center undergoes a makeover, Smith Entertainment Group\u2019s plan to redevelop a three-block area in the city center for a sports, entertainment, culture and convention district has not begun in earnest, at least not physically. The project includes reconfiguring the arena entrance to face east, pedestrian plazas, a residential tower, a hotel, and retail and restaurant space. It would impact the Salt Palace Convention Center, Abravanel Hall, Utah Museum of Contemporary Art and Japantown. | Laura Seitz, Deseret News <\/p>\n

Smith sees his Smith Entertainment Group as \u201cone of the best up-and-coming brands\u201d in the industry.<\/p>\n

\u201cWe\u2019re developing the downtown. We\u2019ve got a Live Nation venue coming in right across the street from the arena with a new hotel and a bunch of other things coming there,\u201d he told Front Office Sports. \u201cSo these assets, not only on the practice facility at the mall, but also in downtown, are transforming where they sit and where they stand unlike anything\u2019s been able to do in a generation.\u201d<\/p>\n

The downtown project isn\u2019t expected to be complete until just before the 2034 Olympics in Utah.<\/p>\n

What are the Utah Jazz worth?\"\"Utah Jazz forward Lauri Markkanen (23) is introduced before an NBA game against the Dallas Mavericks at the Delta Center in Salt Lake City on Thursday, Jan. 8, 2026. | Tess Crowley, Deseret News <\/p>\n

While the Smiths put large chunks of money into revitalizing the city, the value of their investment in the Jazz has grown significantly. They bought the club from the Gail Miller family for $1.66 billion<\/a> in 2020. Despite being one of the worst teams in the NBA the past few years, its 2026 valuation exceeds $4 billion. CNBC Sports lists it at $4.35 billion, Sportico $4.27 billion and Forbes<\/a> $4.1 billion. Forbes also listed the team\u2019s revenue at $340 million.<\/p>\n

That\u2019s more than double the Smiths\u2019 original outlay in under six years, even as the team has been in full rebuild mode on the court.<\/p>\n

And the sale of the Los Angeles Lakers for a record $12.5 billion earlier this year only accelerates that trajectory. Recalculating the value of the Jazz based on the rising-tide-lifts-all-boats notion could push it closer to $5 billion, though that\u2019s mere speculation.<\/p>\n

\"\"Utah Jazz guard Kennedy Chandler (0) dribbles at half court during the second half of an NBA game against the Cleveland Cavaliers at the Delta Center in Salt Lake City on Monday, March 30, 2026. | Rio Giancarlo, Deseret News <\/p>\n

Smith told Front Office Sports that \u201csmart business people\u201d told him he\u2019d lose money owning the Jazz.<\/p>\n

\u201cI think they\u2019re great. I think they\u2019re nice. It\u2019s way better than the alternative,\u201d he said of the valuations. \u201cBut also this is my childhood team that I grew up cheering for as we\u2019re talking about the Jazz. Like, it\u2019s not for sale. I\u2019m hopefully going to own this for a long time.\u201d<\/p>\n

The Jazz practice facility under construction adjacent to the Mammoth\u2019s practice ice is expected to open in 2027. A shared state-of-the-art sports medicine center<\/a> on the complex is slated to come online the following year.<\/p>\n

Devoted fans\"\"Utah Jazz forward Jaren Jackson Jr. slaps hands with fans as he exits the court after the Jazz defeated the Sacramento Kings in an NBA game held at the Delta Center in Salt Lake City on Wednesday, Feb. 11, 2026. | Isaac Hale, Deseret News <\/p>\n

David Berri, a sports economist and chair of the Southern Utah University economics department, said the Jazz are on very solid footing in Utah. <\/p>\n

\u201cThe Jazz are the state\u2019s oldest professional franchise and they have a very loyal and dedicated following. That explains the profitability of the team,\u201d he said, adding NBA teams are generally profitable. \u201cI don\u2019t see any reason to think their fanbase is going to go anywhere.\u201d<\/p>\n

Fans have stayed with the team \u2014 the arena has sold out every game since Dec. 7, 2017 \u2014 despite the tanking. <\/p>\n

Berri said the NBA likes putting teams in smaller markets where they can find a fan base mostly devoted just to that NBA team, noting Oklahoma City, San Antonio, Sacramento and Portland.<\/p>\n

\u201cThose teams generally have very dedicated fans,\u201d he said \u201cBut their ability to spark any interest beyond their market depends entirely on their ability to compete for an NBA title. When they can do that, the nation pays attention. When that doesn\u2019t happen, the nation generally doesn\u2019t think about them very much.\u201d <\/p>\n

\"\"Darryn Peterson, the No. 2 overall pick by the Utah Jazz in the 2026 NBA Draft, is greeted by fans as he arrives in Salt Lake City on Friday, June 26, 2026. | Laura Seitz, Deseret News <\/p>\n","protected":false},"excerpt":{"rendered":"Six years and several billion dollars into the Ryan Smith era, the Jazz are poised to field a…\n","protected":false},"author":2,"featured_media":908462,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[557],"tags":[64,63,99,590,85],"class_list":["post-908461","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nba","tag-au","tag-australia","tag-business","tag-nba","tag-sports"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/908461","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=908461"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/908461\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/908462"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=908461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=908461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=908461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}