The Utah Jazz, a tough team, because of Carl Malone and Stockton, because of the entanglement with the Bulls in the Finals for two consecutive years, so that many fans like this iron-blooded team, even if it is 47 years old, they have never won a championship, they have always been considered one of the powerhouses in the West.
After Marlon and Stockton, the Jazz once relied on Delong Williams and Boozer to give the Rockets a headache, but because they have not been able to hit the championship, in 2020, when the epidemic occurred, when the league's revenue fell, the team's original owner Miller decided to sell his team. So, the question is, in 1986, 22 million to buy the Jazz, 2020 to sell 80% of the stake, how much money did Miller make? Well, please listen to me and tell me more about it.
Miller and jazz
In 1985, at this time, the NBA did not have the commercial value and attention it has today, and because of this, Miller's predecessor decided to sell the team, at this time the American billionaire Miller tried to buy the Jazz, Miller first bought 50% of the Jazz's shares, and after a year of operation, Jordan's emergence in the NBA made Miller realize that this was a very good project, so Miller bought the remaining 50% of the shares, and for this, he only paid $22 million.
How much did Miller make by buying the Jazz in 1986 and selling an 80% stake in 2020?
After taking over the team, the team received a lot of attention in Miller's hands, but after the era of Deron and Boozer, the Jazz began to fall into a low ebb, although they had a combination of Mitchell and Gobert in the back, but Miller still believed that they were still some distance from the championship, plus because of the epidemic, Miller decided to sell 80% of the team's shares.
Miller plans to sell the team, 40-year-old Jazz fan Smith quickly began to inquire, and finally after some bargaining, the Miller family sold 80% of the Jazz for $1.66 billion, of course, this is not all their income on the Jazz's market value, because the Jazz's market value is as high as $2.075 billion, so in terms of market capitalization alone, they made $2 billion.
In addition to the increase in market capitalization, the Jazz's net profit last year was $24 million, and in Miller's hands, he operated for 36 years, and during those 36 years, the Jazz team brought miller at least $200 million in net income.
With 22 million invested, 36 years into at least $2.2 billion in wealth, it may be difficult for us to find a business that has grown so much, which is why NBA teams are worth so much today.
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