26 September 2024

Billionaire NBA Owner Ryan Smith Scores Some Currency -- $900-Million Salt Lake City Revamp Deal

Software billionaire 
Ryan Smith has big plans for his sports empire. 
He wants the NBA's Utah Jazz to play in a revamped arena, flanked by bustling plazas and in the shadow of a new skyscraper. 
Local lawmakers have offered $900 million to make sure that happens in Salt Lake City.




Billionaire NBA owner nears $900 million Salt Lake revamp deal

 
Sep 25, 2024
 
8 hours ago

THE DEAL: Smith Entertainment Group — owner of the Jazz, two pro soccer teams and a yet-unnamed National Hockey League club — is proposing a makeover of the city’s downtown that includes a remodeled arena, new hotel and a residential tower that could become the city’s tallest

Residents and visitors would subsidize the development through a higher sales tax, the proceeds of which would mostly flow to Smith’s group.

Not everyone likes the idea. 
The longest-serving member of the city’s planning commission, Bree Scheer, believes it to be a sweetheart deal with no major benefit for the municipality’s more than 200,000 residents. 

“My preference as an urban planner is that we have sports,” Scheer said. “But I don’t see giving away $900 million to the sports guy and giving the land and just rolling over. Because he’s going to make a ton of money.” 

Most of the subsidy would be spent revamping the existing downtown sports arena, the Delta Center. But the development will also facilitate new business opportunities and cultural happenings and generally enliven the area, a spokesperson for Smith’s group wrote in an emailed statement.

“Smith Entertainment Group is committed to reimagining downtown Salt Lake City to help ensure a vibrant, thriving downtown urban core for generations to come,” the SEG spokesperson said. 

Sports owners have long pit cities against one another in attempts to get public funding for stadiums. In April, voters in Missouri rejected a $2 billion subsidy for a stadium renovation for the Kansas City Chiefs of the National Football League and a new ballpark for the Royals of Major League Baseball. Lawmakers in neighboring Kansas then hurried to pass a bill allowing for their state to do what Missouri would not.
  • The deal that brought an NHL team to Salt Lake City came after voters in Arizona declined to help the Coyotes build a new arena there.
David Berri, a sports economist and professor at Southern Utah University, said $900 million is a hefty subsidy for something that will not be very lucrative for the taxpayers footing the bill. Deals like this don’t really generate economic growth for cities, he said, but are better thought of as something like a public park. 

“Salt Lake City would desperately like to be thought of as a major city, so they need a basketball team,” Berri said. 

“It’s unfair because we’re shuffling taxpayer money to someone who’s fabulously wealthy.” 

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WHAT WE CALL IT HERE






All in The Family - here's former Mesa Mayor Scott Smith, Ryan Smith's progenitor, backing up a clenched-fisted public relations punch at a press conference featuring long-time City Manager Chris Brady, who's a Graduate of the Marriott Business at Brigham Young University

From what we know now it was a shake-down 
20 July 2019


The Latter-Day Charades For Mesa City Manager Chris Brady: Water-Boy

14 years into his job as the City of Mesa's Chief Executive Officer, we're getting some new revelations for what's next:
ENVISION A PIPE
It’s our next pocket of water,’’ City Manager Chris Brady said
“It’s going to be our lifeline for the future expansion of southeast Mesa.’’
carry water for (someone)
1. To serve, assist, or perform menial or difficult tasks for some person, group, or organization
What does a deceitful person carry in one hand while carrying water in the other?

For the big deal to spend $200,000,000 of Mesa taxpayers' money in a Field of Schemes to finance Sloan Park,  a stadium here in Mesa for the Billionaire-Ricketts Family, owners of the Chicago Cub's sport franchise, City Manager Chris Brady held up a defiant fist when questioned over the terms of pay-off of the public debt obligations. 


He was joined by former mayor Scott Smith . . . city assets would be sold-off:
Water-Rights on 11,444 acres of land.
Brady justified that by stating that the city had 'plenty of water' in August 2019. Now the story has changed
Let's crack open this latter-day charade

Your MesaZona Blogger Goes Rogue > Anybody Else Miss Ex-Mayor Scott Smith?

Happened to enjoy a conversation over breakfast last week with an un-named colleague last week who brought up the subject in this post headline.Like some unanticipated remarks that oftentimes liven-up face-to-face communications, this impromptu comment stimulated a follow-up response: Oh yeah, why?
We'll leave it to readers' imagination, but perhaps it's got something to do with the changing face of politics and leadership here in the New Urban Downtown Mesa. 

ALL IN THE FAMILY 

Here's Ryan Smith's father, Scott Smith, former mayor of Mesa, Arizona presenting plans for Sloan Park >

Mesa City Manager Chris Brady's 
Big-League Schemes: 
Trick Mesa Taxpayer's To Finance A Ball Park For The Billionaire-Ricketts Family

Sloan Park at Riverview was named after a plumber for some reason after that Chicago chewing-gum original Wrigley Field just wasn't juicy enough here in Mesa.
< Here are former mayor Scott Smith and current city manager Chris Brady in 2012 making a sales-pitch to get the Cubbies Spring Training Facility financed on-the-backs of Mesa taxpayers to the tune of over $200,000,000 for the Billionaire-Ricketts Family who bought the sports franchise in 2009.
 [Use the search box on  this blog for more]
_________________________________________________________________________
Email dump: More dirt on Cubs purchase, family conflict from Joe ...
Chicago Sun-Times
The Ricketts family at Wrigley Field in October 2009:
 (from left) Joe Ricketts, Pete Ricketts, Todd Ricketts, Laura Ricketts, Marlene Ricketts and Tom ...
On Tuesday, Deadspin broke news that leaked emails revealed Cubs ownership contemplated moving the team out of Chicago due to a difficult relationship with Mayor Rahm Emanuel in 2013. As it turns out, the suggestion was made by Todd “Fredo” Ricketts and was likely never taken seriously.
Here’s a list of other Todd Ricketts’ suggestions revealed in additional leaked emails:
– “It’ll be totally fine if our family gets involved in politics. No one will ever find out about it so it won’t be controversial at all.”
– “Now that we own the McDonald’s across the street from Wrigley, I’m going on an all Quarter Pounder diet. Please don’t tear that place down Tom. I’m sure any hotel we put up there won’t do nearly as much business as the McDonald’s. Plus, where will all the rats go?”


In some conservative Republican circles it was "a home run." 
Here in Mesa most city officials and real estate developers 
went-to-bat to get it built and financed


---



RELATED

Smith Entertainment Group briefs Salt Lake City Council on 'Reimagination of Downtown Area'

 

RELATED

31 May 2017

TY Very Much > Nepotism Here In Mesa Is Going Very Well

 . . or should we say 'family-values'? At any rate it's good for some people to have overlapping family connections of one sort or another. You, dear readers, can sort it out.
Both have connections with real estate development, an entrenched political machine, and high-power political affairs consultants and lobbying firms.
Meet Ryan Smith, [son of Ex-Mayor Scott Smith]
Communications and Government Relations Director
Phoenix-Mesa Gateway Airport Authority
April 2017 - present 2 months
He began his climb-up at PMGAA in April 2016 as Assistant to the Executive Director for Inter-Governmental Relations.
From June 2008-April 2016 he was an Account Executive within a company named High Ground, Public Affairs Consultants calling itself Arizona’s Premier Lobbying Firm 
More Experience:
Sep 2007-May 2008 Campaign Manager for his father
Before that - for 3 years and 3 months - he was Regional Vice-President K Hovnanian Homes from July 2004-Sep 2007.
He attended ASU and got a Bachelor's Degree in Political Science 2002-2007
Source: LinkedIn
One item missing on anything in Ryan Smith's work experience is that just about the same time in 2002 he began his studies in Political Science at ASU, Scott Smith and his son started a business: Qualtrics, which conducts online market research, is a prime example of the rapid growth of the Utah economy — and the sense that Utah is straining at the limits of its growth potential.
Scott Smith started the company with his son, Ryan, and a college classmate in his Provo home in 2002. Qualtrics now employs 1,300 people, including about 800 in a new headquarters building opened in August at the mouth of Provo Canyon. And it is bringing workers to Utah as fast as it can. 
Ryan Smith, now the chief executive, said Qualtrics had hired about three dozen graduates from the University of Michigan alone last year. The company estimates that new arrivals bought 100 homes in Provo last year. . . by the end of the year, Mr. Smith said, he expects the company will have more employees outside Utah than in its home state. It is growing where it finds workers.
Source: New York Times May 21, 2017

Qualtrics Locations worlwide
According to Wikipedia
Qualtrics is a private research software company, based in Provo, Utah, in the United States.
The company was founded in 2002 by Scott M. Smith, Ryan Smith, Jared Smith and Stuart Orgill. Wikipedia
CEORyan Smith (Dec 2002–)
Founded2002

Website: https://www.qualtrics.com/
 
J. Chuck Coughlin, President of High Ground, had this to say about Ryan in April 2016
"After nearly eight years at our firm, Ryan began his new career today as the Government Relations Coordinator for Phoenix-Mesa Gateway Airport.  All of his colleagues here at HighGround cannot be more pleased for him and for the Airport Authority; they are getting a wonderful human being and we still have a great friend..  It was during Ryan’s father’s initial campaign for Mayor of Mesa in 2007-08 that we first met him.
 He was working tirelessly for his father’s campaign and I joked with him that he was like a Mormon on a mission.  Everything I needed to know about Ryan I learned in that campaign: tireless and kind, he exuded a genuine warmth for everyone around him. And after that successful campaign, we happily adopted him and it was a blessing for both parties ever since. . . "

Here's a link to High Ground to see what they do >>
http://www.azhighground.com/shaping-arizona-policy/ 

Scott Smith progeny Ryan Smith is no stranger to Arizona politics, according to this article Aug 19, 2014 written by Mike Sunnucks in Phoenix Business Journal that calls him out for taking 'a cheap shot'
"Ryan Smith — the son of former Mesa Mayor Scott Smith and a close political adviser to his father – took a jab at Arizona Cardinals President Michael Bidwill in a social media post.
Scott Smith is running in the Republican primary for governor, while Bidwill backs Arizona Treasurer and former Cold Stone Creamery CEO Doug Ducey.
Ryan Smith — a political strategist at heavyweight consulting firm Highground Inc. — compared his father’s business experience as a home-building executive to Bidwill, the son of Cardinals owner Bill Bidwill.
Michael Bidwill led a recent effort to get business executives and leaders who were backing Smith to swing over to Ducey. Bidwill sent letters to top local CEOs looking to garner more business backing from Ducey and away from Scott Smith 
Ryan Smith referenced the Cardinals president in a Facebook response to a Scott Smith campaign posting about business leaders backing the former mayor.
“Unlike a letter from a guy that was born into a family, given a taxpayer-funded stadium and guaranteed league revenue. These business leaders have worked to create jobs and know what leadership looks like,” Ryan Smith posted on Facebook earlier today.
The critical post was later deleted. It referenced public financing for University of Phoenix Stadium, the Bidwill family’s long tenure owning the Cardinals and the National Football League’s business model.
Smith spokesman David Leibowitz said Ryan Smith was frustrated with the negative attacks on his father, including a recent political ad that shows his parents’ house. Leibowitz said Ryan Smith has been working long hours for his dad’s gubernatorial bid.
More than $2 million has been spent so far in the GOP primary by political groups on negative ads and mailers, according to the Arizona Secretary of State’s office.
Cardinals spokesman Mark Dalton said Bidwill and the team were not going to wade into the political sniping.
“We can’t keep members of the Smith campaign from taking cheap shots but certainly are not going to stoop to that level ourselves,” Dalton said."                    
                                                                            
Twitter : @Ryansmithaz
Profile picture standing in front of the White House on March 2, 2017












EXCLUSIVE: One-on-one with Utah Jazz owner Ryan Smith on move to KJZZ 14...The Smith Entertainment Group also announced plans to launch a new Utah Jazz subscription-based streaming service in October.

 

Utah Jazz announce partnership with KJZZ-TV, new streaming platform


Owners of the Utah Jazz announced a new partnership that will make all non-nationally televised games available for free in the Beehive State using a basic television antenna. (Image: KUTV)
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Owners of the Utah Jazz announced a new partnership that will make all non-nationally televised games available for free in the Beehive State using a basic television antenna. (Image: KUTV)
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Owners of the Utah Jazz announced a new partnership that will make all non-nationally televised games available for free in the Beehive State using a basic television antenna.

The agreement with Sinclair Broadcast Group – owners of KUTV 2News – will return game broadcasts to the station that aired them for 16 years, making KJZZ Channel 14 once again, “The Home of the Utah Jazz.”

The move means all Jazz games not broadcast on a national network will be available free to fans within the team’s local broadcast market.

Games will also be broadcast through any satellite or cable provide that carries KJZZ.

In 2009, the franchise announced a long-term deal with FSN to broadcast games, ending fan access to free, over-the-air broadcasts.

The Smith Entertainment Group also announced plans to launch a new Utah Jazz subscription-based streaming service in October.

The service will be run by a new division of the company, SEG Media, and will produce unique content, in addition to Jazz games.

Additional details about the streaming service, including cost, were expected to be released at a later date.

Tuesday’s announcement fulfilled a promise owner Ryan Smith made to fans months ago that they would have increased access to games.

“When we first took over stewardship of the team, 39% of Utah households had the ability to watch Jazz games, so as soon as the window opened last fall for us to rethink our approach to broadcasting, we began exploring all options to provide fans the most reliable access to Jazz games,” he said. “This new approach is one of the most important investments we have made since purchasing the team because it allows us to deliver Utah Jazz games to 3.3 million plus Utahns.”

24 November 2023

Ryan Smith, Chairman of Smith Entertainment Group (SEG) dribbles the Utah Jazz—long an outlier in the NBA—into the spotlight. 

Terms of the deal with KJZZ’s owner, Sinclair Broadcast Group, weren’t disclosed, but S&P Global Market Intelligence estimates that this season the Jazz will bring in 50% to 70% of the revenue they were getting from AT&T SportsNet, depending on their ratings and how many streaming subscriptions they sell.
 
www.bloomberg.com

Utah Jazz Streaming Service Is a Test for NBA, NHL Post-RSN Model 

Utah Jazz owner Ryan Smith at the team’s practice facility in Salt Lake City.

Photographer: Michael Friberg for Bloomberg Businessweek


Qualtrics fortune

Smith, 46, made his fortune through the software company Qualtrics International Inc., which he co-founded with his brother Jared and father, Scott, in 2002. SAP SE acquired the company in 2019 for $8 billion and resold it to Silver Lake and the Canada Pension Plan Investment Board in 2023 at a valuation of $12.5 billion. Smith netted roughly $2 billion in cash from the sales, according to Bloomberg Billionaires Index data.

He’s still the executive chairman of Qualtrics but has lately turned his attention to sports. Smith bought a majority stake in the Utah Jazz in 2020, professional soccer’s Real Salt Lake in 2022 and completed the hockey team deal this year.

Now Smith has received permission to build as high as 600 feet (183 meters) in downtown Salt Lake City. A structure of that height would give him by far the state’s tallest building — the current titleholder, an apartment building called Astra Tower, stands at about 450 feet.

Salt Lake City’s planning commission is skeptical of the billionaire’s proposal, recommending unanimously that the City Council reject a rezoning plan in June. The council approved the proposal anyway, and Smith’s group asked that the planning commission be kept out of future proposals in favor of a staff level review. The City Council denied that request.

Scheer said she opposed the rezoning plan because SEG’s proposal was light on details. And while she’s not opposed to tall buildings, Scheer said, Smith’s group has so much land to build on that there isn’t a clear reason to make something taller.

“It’s not like it’s a real tight squeeze,” she said. “What’s gonna happen? We don’t know.”

Much of the public upset over Smith’s plans has centered on the fate of Abravanel Hall, which opened in 1979 and is home to the Utah Symphony. A change.org petition to “Save Abravanel Hall” has garnered more than 50,000 signatures since May. Last week, Mike Maughan, an executive at SEG, told a legislative committee that their goal is “preserving Abravanel Hall as is.”

If his plans don’t work out in Salt Lake City, Smith could move everything to the suburbs. In April, he told Bloomberg News that he’d simply build a new arena on land he already owns. Both of his family’s professional soccer teams play in a stadium in Sandy, a town about 19 miles south of Salt Lake City and closer to where Smith lives in Provo.

“It would be a lot easier for us,” Smith told KLS News in July. “However, it’s part of that mission of Utah. It’s part of the arts, it’s part of entertainment. It’s the right thing to do for our state.” 

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