In a move to ensure that the Jazz stay in Utah for generations to come, team owner Gail Miller has announced that she will transfer her ownership of the team into a Miller family legacy trust:
"I'm transferring ownership of the Utah Jazz and Vivint Smart Home Arena into a Legacy Trust…" – Gail Miller
— Utah Jazz (@utahjazz) January 23, 2017
"Our devotion to the Utah Jazz is stronger than ever. The Legacy Trust will ensure that the Jazz will remain in Utah…" – Gail Miller
— Utah Jazz (@utahjazz) January 23, 2017
"We view the Legacy Trust as literally and figuratively as passing the ball to future generations of the Miller Family." – Gail Miller
— Utah Jazz (@utahjazz) January 23, 2017
"When people think of the Miller Family we hope they will think of us as a family who loves Utah." – Gail Miller
— Utah Jazz (@utahjazz) January 23, 2017
"The Jazz are not our family's team. They are a community asset – they are the Utah Jazz." – Steve Miller
— Utah Jazz (@utahjazz) January 23, 2017
For those unsure of what this means, a legacy trust is essentially an unalterable trust that allows a person to set aside assets for future generations. In this case, the “asset” is an NBA team. This trust will guarantee that the Jazz stay in Utah for quite some time.
Steve Miller on the trust: "We knew this would finally put to rest speculation about the team being sold that have existed for a long time."
— Jody Genessy (@DJJazzyJody) January 23, 2017
The Miller family has owned the team since 1986, when Larry Miller purchased the franchise from founding owner Sam Battistone.