The Rise of Ryan Smith and Smith Entertainment Group in Utah Sports
Published: Oct 3, 2024, 9:00 p.m. MDT
Since making headlines with the acquisition of the Utah Jazz four years ago, Ryan Smith has been on a remarkable journey in the world of professional sports. His vision for expanding the reach of the Jazz and elevating Utah’s sports scene has not only garnered attention but also respect from industry heavyweights. NBA Commissioner Adam Silver has noted the ambitious plans laid out by Smith and his wife, Ashley, who co-founded Smith Entertainment Group (SEG). Their rapid ascent in the sports world is nothing short of extraordinary.
A Multisport Empire
The Smiths’ foray into professional sports began with a staggering $1.6 billion deal for the Utah Jazz in 2020. Since then, SEG has expanded its portfolio significantly, acquiring Major League Soccer team Real Salt Lake for $400 million in 2022, reviving the National Women’s Soccer League’s Utah Royals with a $2 million investment, and most recently, securing a National Hockey League franchise by purchasing the Arizona Coyotes for $1.2 billion. This swift expansion has left league executives, including NHL Commissioner Gary Bettman, in awe of SEG’s ability to build a multisport operation that rivals established giants like Kroenke Sports & Entertainment and Fenway Sports Group.
A Fresh Perspective on Utah Sports
While Utah has had a professional sports presence since the Jazz relocated from New Orleans in 1979, the Smiths bring a new energy and perspective to the table. Their extensive resources, vibrant professional networks, and deep-rooted love for their home state are set to transform Utah’s standing on both national and international stages. As Bettman aptly put it, their rise is “nothing short of remarkable.”
The Legacy of Pro Sports in Utah
The story of professional sports in Utah began with the Jazz, which faced skepticism from industry insiders who doubted the market’s ability to support an NBA franchise. However, local business titan Larry H. Miller stepped in, purchasing a 50% stake in the team in 1985, ultimately saving it from relocation. This legacy of local ownership and commitment to the community resonates with the Smiths, who view themselves as stewards of Utah’s sports culture.
The Smiths: From Tech to Sports
Ryan Smith’s journey into sports ownership is deeply intertwined with his success in the tech industry. Co-founding Qualtrics in 2002, he led the company through a multibillion-dollar acquisition by SAP in 2018 and a public offering in 2021. The Smiths’ decision to remain in Utah, rather than relocate to Silicon Valley, reflects their commitment to their home state. Ashley Smith emphasizes the community’s work ethic and kindness, which aligns with their vision for the Jazz and the Utah Hockey Club.
Building a Sports and Entertainment Powerhouse
Under SEG’s management, the Delta Center has seen increased bookings, including hosting major UFC events. The Smiths have also launched SEG Media, allowing them to control content distribution and enhance fan engagement. Their innovative approach has led to the creation of the Jazz+ streaming service, which aims to connect directly with fans and provide them with tailored content.
A Vision for Community and Growth
The Smiths are not just focused on building a sports empire; they are committed to revitalizing the community around the Delta Center. Plans for a $3 billion redevelopment project aim to enhance the area with new residential, retail, and entertainment spaces. Governor Spencer Cox has praised the Smiths for their rapid growth and their dedication to creating a sports culture that resonates with Utahns.
The Importance of Fan Engagement
Ryan Smith’s lifelong passion for the Jazz informs his approach to ownership. He understands the unique relationship between sports teams and their fans, emphasizing the importance of listening to their needs and desires. This perspective is crucial in a market where fan loyalty is paramount.
Industry Recognition and Future Prospects
Both Adam Silver and Gary Bettman have expressed admiration for the Smiths’ rapid progress in the sports industry. Silver highlighted their innovative strategies for enhancing fan engagement, while Bettman commended their ability to navigate complex transactions and establish a new NHL franchise in record time. The Smiths’ commitment to building a great company and community asset is evident in their approach to sports ownership.
A Commitment to Utah’s Future
As the Smiths continue to expand their influence in the sports world, their focus remains on Utah. They view their endeavors as an opportunity to showcase the state’s potential and foster a sense of pride among its residents. Their journey is not just about sports; it’s about elevating Utah’s profile on the national stage and creating lasting value for the community.
The Tech Advantage in Sports
The Smiths’ background in technology has proven advantageous in their sports ventures. Their experience with Qualtrics has allowed them to leverage data and analytics to enhance the fan experience and streamline operations. This tech-centric approach positions SEG to capitalize on emerging opportunities in the sports and entertainment landscape.
The Future of Smith Entertainment Group
With ambitious plans and a clear vision, SEG is poised to continue its rapid growth in the sports industry. The Smiths’ commitment to their community, combined with their innovative strategies and deep understanding of fan engagement, sets the stage for a bright future for professional sports in Utah. As they build on the legacy of the Jazz and expand their portfolio, Ryan and Ashley Smith are determined to make a lasting impact on the Beehive State.