S
Sarah Todd
Guest
The Vivint Arena and the J-note sculpture are pictured in Salt Lake City on Tuesday, May 24, 2022.
Kristin Murphy, Deseret News
With an eye on expanding professional sports in Utah, Smith Entertainment Group (SEG) — the parent company that is led by Ryan Smith and owns the Utah Jazz — announced on Friday a partnership with Arctos Sports Partners.
Arctos is a private equity group that has invested in more than 20 pro sports franchises across the NBA, NHL, MLB and MLS, as well as European soccer, lacrosse and others. The group’s investment with SEG includes minority stakes in the Utah Jazz, Real Salt Lake and Vivint Arena.
Arctos’ investment in the Utah Jazz is pending NBA board of governors approval.
While Smith has expressed his intention on bringing a third, unique professional sports franchise to Utah, and the partnership with Arctos is a step in bolstering that goal, there is no timeline for SEG or Arctos to expand in Utah. So, if you’re hoping to watch MLB or NHL games played in Utah, you’ll have to keep waiting.
Related
“My wife Ashley and I are passionate about the state of Utah and are committed to building organizations that can be a unifying force in our community. Few things do that as powerfully as sports,” Smith said in a statement. “We are excited to partner with Arctos. They are committed to Utah and to investing in this community and our sports teams and facilities. As SEG continues to build out the professional sports landscape in the state, the Arctos partnership brings strong commitment to Utah sports and a deep connection across all major sports leagues.”
Allowing private equity firms to hold ownership shares is a fairly new trend for professional sports. The NBA, which previously banned private firms from buying into teams, only changed its rules in 2020. The NBA’s private equity rules allow a firm to buy into a max of five teams.
This story will be updated.
Full Story from the Deseret News...
Kristin Murphy, Deseret News
With an eye on expanding professional sports in Utah, Smith Entertainment Group (SEG) — the parent company that is led by Ryan Smith and owns the Utah Jazz — announced on Friday a partnership with Arctos Sports Partners.
Arctos is a private equity group that has invested in more than 20 pro sports franchises across the NBA, NHL, MLB and MLS, as well as European soccer, lacrosse and others. The group’s investment with SEG includes minority stakes in the Utah Jazz, Real Salt Lake and Vivint Arena.
Arctos’ investment in the Utah Jazz is pending NBA board of governors approval.
While Smith has expressed his intention on bringing a third, unique professional sports franchise to Utah, and the partnership with Arctos is a step in bolstering that goal, there is no timeline for SEG or Arctos to expand in Utah. So, if you’re hoping to watch MLB or NHL games played in Utah, you’ll have to keep waiting.
Related
“My wife Ashley and I are passionate about the state of Utah and are committed to building organizations that can be a unifying force in our community. Few things do that as powerfully as sports,” Smith said in a statement. “We are excited to partner with Arctos. They are committed to Utah and to investing in this community and our sports teams and facilities. As SEG continues to build out the professional sports landscape in the state, the Arctos partnership brings strong commitment to Utah sports and a deep connection across all major sports leagues.”
Allowing private equity firms to hold ownership shares is a fairly new trend for professional sports. The NBA, which previously banned private firms from buying into teams, only changed its rules in 2020. The NBA’s private equity rules allow a firm to buy into a max of five teams.
This story will be updated.
Full Story from the Deseret News...