Jazz ownership transferred to trust

SALT LAKE CITY - The ownership of the Utah Jazz has been transferred from Gail Miller to a legacy trust in a move that ensures the team and Vivint SmartHome Arena remain in the family for generations.

Miller and her late husband Larry purchased 50 percent of the franchise in 1985 amid concerns the team would move. They bought the remaining 50 percent a year later. Miller said Monday that the primary reason for the transfer is to make sure the team stays in the state.

Miller remains the trustee until her passing. The trust's board of managers consists of six Miller family members, including children Greg, Steve, Bryan and Karen and grandson Zane.

This is believed to be the first legacy trust for a professional franchise in any of the four major U.S. leagues.