SALT LAKE CITY-Wednesday, Utah Jazz owner Gail Miller and her family announced the NBA franchise will be sold.

A press conference is slated for 10:00 am this morning.

Miller, the owner and chair of the Larry H. Miller Group of Companies (LHM Group) and her family announced entrance into “definitive agreements” to sell a majority interest in the Utah Jazz and other sports and entertainment properties to Ryan Smith.

Smith, a technological entrepreneur, is the co-founder of Provo-based Qualtrics.

Included in the pending transaction are the Utah Jazz, the Vivint Arena, the NBA G-League Salt Lake City Stars and management of the Triple A baseball affiliate Salt Lake Bees.

Smith has long been a “strong corporate partner” of the Jazz and is the co-creator of the “5 For the Fight” jersey patch, the first philanthropic jersey patch in the history of North American professional sports.

5 for the Fight has raised over $25 million since the patch partnership was announced three years ago.

Smith expressed his thoughts as follows:

“The Miller family has had an unbelievable impact on countless people throughout the Utah Jazz and the other organizations they run. We all owe a great debt to the Miller family for the amazing stewardship they have had over this asset for the past 35 years. My wife and I are absolutely humbled and excited about the opportunity to take the team forward far into the future–especially with the greatest fans in the NBA. The Utah Jazz, the state of Utah, and its capital city are the beneficiaries of the Millers’ tremendous love, generosity and investment. We look forward to building upon their lifelong work.”