The Utah Jazz have been sold to Qualtrics CEO Ryan Smith for $1.66 billion, according to sources. The NBA organization had been owned by Larry Miller's family since 1986.

"I've approached Gail [Miller] and the Millers a couple times," Smith said at a news conference Wednesday morning. "There's no secret about my interest in the NBA, and there's really no secret about my interest in the Jazz.

"I grew up watching the Jazz. This is the team I cheered for. I played Junior Jazz. I dreamed of playing for the Jazz, and that didn't work out. But as I was sitting there this week in the Junior Jazz program you guys started, with hundreds of kids running around, the legacy you've created is untouchable. We're all incredibly grateful for that. The Jazz are a gift to this whole community, and that's how we view it. That's 100 percent how we view this," Smith said.

Smith, 40, co-founded Provo-based tech Qualtrics, with his brother in 2002. Qualtrics was acquired by European software company SAP in 2018 for $8 billion in what is the largest private enterprise software acquisition of all time.

He was born and raised in Utah and graduated from Brigham Young University.

Smith has been recognized for his business acumen, being named to Fortune’s “40 Under 40” as well as Forbes’ “America’s Most Promising CEOs under 35.”

According to Forbes, Smith’s real-time net worth is $1.3 billion.

Smith already has ties with the Jazz. In 2016, he co-founded 5 For The Fight, a global campaign designed to fund cancer research.

The next year, he partnered with the Jazz to sponsor a 5 For The Fight Jazz jersey patch, and in 2019, that sponsorship agreement was extended through the 2022-23 season.

“I believe 5 For The Fight is an inspiring cause and one which we can all be proud to support,” Gail Miller said last year when the sponsorship was extended. “I appreciate Qualtrics for taking a unique approach to sponsor a purpose-related jersey patch and then use it in a global campaign to raise funds for cancer research.”

“We are grateful for the opportunity to deepen our partnership with the Utah Jazz,” Smith said last year. “Together, we have created a unique sponsorship — one that focuses on perfecting the fan experience through consistent innovation while also rallying people from across the world to join us in the fight against cancer.”

Most notably the NBA suspended the season back in March due to the Jazz's COVID-19 outbreak.

The Jazz are the first NBA team to change ownership during the pandemic. In 1985, the Miller family bought 50% of the Jazz for $8 million and then paid $14 million in 1986 for the other half.

Larry Miller died in 2009. His wife Gail Miller later assumed control of the team.