Utah Jazz Ownership Restructured and Placed in Family Trust

[Getting Traded]

So that means I can try out for honorary point guard next year when I move to Utah.

 

[David Stern]

Can someone bless this thread with a TL;DR. Or at least explain why I should read 11 pages on this topic.

Don't read it, the first like six pages are people guessing what the announcement was going to be. Summary pretty much is just that Gail is trying to make it so future generations of Millers can't sell the Jazz.

 

[Deleted member 95]

This makes it so all revenue is reinvested in the team. That has to make going over the luxury tax more likely, correct? Or maybe less likely, huh.

 

[Deleted member 95]

Move to Vancouver pls

fight me irl

 

[dipship31]

So without being able to pretty much follow any of this it what has changed regarding the likelihood of the team moving? More likely, less likely, same amount?

 

[Deleted member 95]

So without being able to pretty much follow any of this it what has changed regarding the likelihood of the team moving? More likely, less likely, same amount?

Pretty much impossible to move the team now. This was to prevent any of the not yet born little **** Millers that didn't know Larry or the legacy of what he created from selling the team for profit.

 

[Nate505]

Good on the Millers. If there's one city that's deserving of an NBA franchise it's Salt Lake.

 

[Ellipse]

Like I said earlier, I'm not a lawyer, but Gail said in the press conference that it is as close as possible to ensuring ownership in perpetuity. The family receives no material benefit from the trust, so they have no motivation to sell it.


Sent from my iPhone using JazzFanz

I'm guessing (seriously guessing!) that Gail was worried that her kids would have to sell the team to cover the inheritance tax. For a billion dollar franchise, I believe the tax would have been $500,000,000 -- I doubt Greg has that kind of money in his wall safe.

 

[bigb]

I'm guessing (seriously guessing!) that Gail was worried that her kids would have to sell the team to cover the inheritance tax. For a billion dollar franchise, I believe the tax would have been $500,000,000 -- I doubt Greg has that kind of money in his wall safe.

I mentioned that in another post.


Sent from my iPhone using JazzFanz

 

[Beantown]

From what I am reading this is basically switching the Jazz into a non-profit. As all profits will be reinvested in to the team and the Miller family is not receiving any monetary value.

Officials said the formation of the trust means all profits from the NBA franchise will be reinvested in the team so that the "trust will not provide any material benefit to the family from the Jazz."

If that is true .....that is one GIANT gift to Utah.

 

[RJF]

Hearing Gail speak kinda got me a little choked up. Reminiscing about the time Larry was here kinda hit the feels.

 

[Miggs]

I trust no one until Kicky's Vanderbilt *** speaks.

That said, I'm very hopeful based on the comments here that the money will have to be reinvested into the team which will mean we will go over the LT and do whatever it takes.