Utah Jazz and Real Salt Lake owner Ryan Smith tacitly confirmed today at the CAA World Congress of Sports the widespread reports that the NHL is on the verge of selling a franchise to his investment group, Smith Entertainment Group. He didn't specifically reference the Arizona Coyotes, but it has been widely reported that the sale is part of a multifaceted transaction that will see the franchise phased out of the league.
“There's no secret on what's out there online,” Smith said in his interview with CAA Sports co-head Mike Levine. “Normally, not everything on the internet is true, but in this case, it's pretty true.”
An SEG source said no deal has been signed yet and that the agreement still requires the approval of the NHL board of governors, which is reportedly scheduled to meet remotely tomorrow.
SBJ in recent days confirmed multiple reports that the NHL has been working on a deal that would see Coyotes owner Alex Meruelo sell the franchise to the league for $1 billion. The league would then grant a franchise, along with the Coyotes’ players and hockey operations, to Smith for between $1.2 billion and $1.3 billion -- any amount more than $1 billion would be split among the other NHL owners.
Meruelo would be able to reactivate the Coyotes franchise in Phoenix if he is able to satisfy certain conditions -- such as building the team an arena -- in the next five years. An announcement of the Coyotes' relocation to Salt Lake City is expected before the start of the Stanley Cup Playoffs on Saturday.
During his onstage appearance, Smith also alluded to the compressed time frame he and his group will face in launching a team in time for the 2024-25 NHL season, which will begin in October.
“There's so much work to do,” Smith said. "There's practice facilities -- you name it, we've got to do it. There's nothing we don't have to go do. We'll find a way. If everyone's in, we'll find a way. We've done harder stuff.”
He added, “I want to spend all my time this summer launching a whole new brand and going through all the little things and every single little detail. That's not really what I would love to do. I'd love to be over at the Olympics, like everyone else hanging out and doing these things, or being up on the lake. But reality is you can't blink when these things come along.”
The Utah franchise would play its home games at the Delta Center, which is primarily configured for basketball, for at least the next several seasons. Under a plan proposed by SEG to Salt Lake City, the arena would eventually be renovated as part of the development of a mixed-use district.
While some public discussion has centered on the size of the Salt Lake City market relative to greater Phoenix area, Smith expressed confidence that fan support will be robust for an NHL team in Utah. The Jazz have sold out nearly 300 consecutive home games.
“I have incredible faith in the people of Utah -- we show up,” Smith said. “We've had the NCAA tournament there, and the arena was packed at 11 a.m.”
He added, “We bring a lot to the NHL. I think we're the youngest ownership group in sports, and we can hopefully give more than we take from the league.”
