Ex-Jazz owners buy RSL, Utah Royals for $600M

The Larry H. Miller Family, in conjunction with Miller Sports & Entertainment, has acquired a controlling interest in MLS side Real Salt Lake and the NWSL's Utah Royals from David Blitzer and Ryan Smith's Smith Entertainment Group, the organizations announced on Friday.

A source confirmed to ESPN that the sale price is around $600 million. The fee was first reported by The Athletic.

In addition to the two teams, the acquisition of a majority interest in Real Salt Lake Holdings includes MLS Next Pro side Real Monarchs, the RSL Academy, America First Field, Zions Bank Stadium and the Zions Bank Training Center.

Blitzer will remain a minority investor, while Smith sold his stake in Real Salt Lake Holdings.

The Miller family has a long history in sports ownership, having owned the NBA's Utah Jazz from 1985 to 2020. That now looks to continue with the MSE's foray into soccer.

"We are humbled again by this opportunity to become stewards of these franchises and to build on the strong foundation and legacy that has been built over these decades," said Steve Starks, CEO of the Larry H. Miller Company, at Friday's news conference.

"And we couldn't be happier that David Blitzer continues to be invested and a partner in the club. This partnership came together really easily because we share a commitment to building community and culture championship teams in a values-based way."

Blitzer and Smith, in conjunction with Arctos Partners, purchased RSL and the Royals back in January of 2022 for a reported $400 million from Dell Loy Hansen, who was forced to sell after it was reported that he had made racist comments.

"I am ... very excited to work with everyone and continue to build on the successes of RSL and the Utah Royals and ultimately bring championships to Utah," Blitzer said. "That's what we were all gunning for. The Millers obviously operate at the absolute highest standards in every way, ethics and community and doing business the right way and promoting the sport and health and youth."

MLS commissioner Don Garber welcomed the news.

"The future of Real Salt Lake is in great hands with the Miller organization and David Blitzer," Garber said in a statement. "The Millers have a long-standing commitment to community, youth sports, and sound business operations, and we have a proven history with David, one of the most accomplished sports owners in the world.

"Together, this group is perfectly positioned to strengthen the club and grow soccer in Utah and the region."

The appreciation in the sale price hints at a significant increase in valuation for the Royals. Blitzer and Smith acquired an option for an NWSL expansion team in 2022 for just $2 million. Since then, the valuations of NWSL teams have skyrocketed, with Denver paying an expansion fee of $110 million, while the San Diego Wave were sold for $120 million. Neither of those outlays involved a stadium or training facility, which the Royals already have.

"This powerful partnership between the Miller family and David Blitzer will elevate women's soccer in Utah and continue to build fandom for the Royals FC," NWSL commissioner Jessica Berman said in a statement.

"Miller Sports & Entertainment has consistently demonstrated commitment to building sport and community both on and off the pitch, aligning with our values at the NWSL - and we welcome this new ownership group to the league."

Steve Miller, chairman of the Larry H. Miller Company board of directors, will serve as chairman and governor for Real Salt Lake, with David Blitzer serving as alternate governor. Miller will also serve as chairman and governor for the Utah Royals FC, with Starks serving as the alternate governor.

"Our family is excited to join Real Salt Lake and the Utah Royals," Miller said. "We love the growth of soccer as a family-friendly and unifying experience in our state. We are grateful to partner with David Blitzer and the other dedicated investors in building these strong teams."