The Utah Jazz, who have had the same ownership group since 1986, will be sold for $1.66 billion to Ryan Smith, a local businessman.
Numerous published reports this week announced the deal.
The NBA Board of Governors must approve the transaction.
Smith is a co-founder of Qualtrics, a survey software company. SAP bought the firm in 2018 for $8 billion.
In April 1985, Larry Miller purchased a 50 percent stake in the Jazz for $9 million. A year later, he acquired full ownership, and his family has owned the team ever since.
Miller died in February 2009.
Purchasing Jazz and other properties
Smith will acquire Vivint Smart Home Arena, the NBA G League’s Salt Lake City Stars, plus the Salt Lake Bees, a Pacific Coast League baseball club.
“The Utah Jazz, the state of Utah, and its capital city are the beneficiaries of the Millers’ tremendous love, generosity and investment. We look forward to building upon their lifelong work,” Smith said in a statement.
Beloved former Utah Jazz coach Jerry Sloan passed away at age 78 in May. He was a symbol of the franchise’s steady leadership through the Miller era.