New legacy trust means Utah Jazz are here to stay, says Gail Miller

Air Langhi · Jan 23, 2017

http://www.sltrib.com/sports/4853754-155/utah-jazz-ownership-to-be-restructured

The board of managers will need either a majority or a supermajority, depending on the nature of the business, to make future decisions for the franchise, attorney and former Utah Jazz President Dennis Haslam said.

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."

"It stays within the company," Haslam said. "The profit that stays in the company will be used basically as retained earnings for expansion, for player salaries or other operations."
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You have to really applaud the Jazz's owner. They are worth close to 900 million and they are basically giving it to the community.

JuanValdez · Jan 24, 2017

That's pretty incredible. Contrast with the owners of the OKC Thieves. Can't hate a franchise with this level of commitment to its community.

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New legacy trust means Utah Jazz are here to stay, says Gail Miller

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