Qualtrics, founder and chief executive, Ryan Smith is set to buy the NBA’s Utah Jazz, ending the Miller family’s three-decade run as owners.

The Jazz announced on Wednesday that “definitive agreements” are in place and include the sale of the team as well as the home of the team, Vivint Smart Home Arena in Salt Lake City.

Smith will also own the team’s G League affiliate and management of a Triple-A baseball club.

Larry H. Miller Group, owner and chair, Gail Miller said she is confident in the sale to Smith.

“I have known Ryan for several years and admire the values by which he and his wife Ashley live their lives, they have such love for and a connection to Utah and this team,” said Miller.

“After much soul searching, lengthy discussions and extensive evaluations of our long-term goals, my family and I decided this was the right time to pass our responsibility and cherished stewardship of 35 years to Ryan and Ashley.

“There’s no question that we have had a long and rewarding journey these last 35 years, today is a day I have never been able to imagine,” she said.

The NBA board of governors is yet to formally approve the deal however, ESPN reported the sale will go for an estimated USD$1.66 billion.

The Jazz is the first NBA team to change hands during a pandemic.

Despite significant financial fallout across the league due to COVID-19, the deal is the fourth highest purchase price paid for a basketball franchise, behind the Brooklyn Nets in 2019, the Houston Rockets in 2017 and the LA Clippers in 2014.