"After much soul searching, lengthy discussions, and extensive evaluations of our long-term goals, my family and I decided this was the right time to pass our responsibility and cherished stewardship of 35 years to Ryan and Ashley, who share our values and are committed to keeping the team in Utah," Miller said in a statement.
The deal is valued at over $1.6 billion, sources tell ESPN's Adrian Wojnarowski.
The deal - which includes the G League's Salt Lake City Stars and the Salt Lake Bees, a Triple-A affiliate of the Los Angeles Angels - is pending approval from the NBA's board of governors. The Miller family will maintain a minority interest in the organization.
Smith is a co-founder of Qualtrics, an experience management company headquartered in Provo, which SAP acquired for $8 billion in 2019. The businessman also co-created the "5 For the Fight" jersey patch featured on Jazz jerseys, described as "the first philanthropic jersey patch in the history of North American professional sports," according to a team statement.
Miller and her late husband, Larry, purchased 50% of the team in 1985 and the remaining share a year later. Larry H. Miller died from complications of type 2 diabetes at age 64 in 2009.
Gail Miller transferred the team's ownership to a legacy trust in 2017 to ensure the team stayed in Salt Lake City long-term. To that end, Miller said she has been "fully persuaded that with this sale, the objectives of the trust will be honored, and the new owners have made the same commitment to keep the team in Utah."
The Jazz posted a 1470-1014 (.592) record under the Miller's tenure as owners.