Utah Jazz owner Ryan Smith, through his company Smith Entertainment Group (SEG), has requested that the National Hockey League launch a formal expansion process with the goal to bring a team to Salt Lake City.
“SEG envisions a near future where the NHL will thrive in Utah, and we are 100% focused on making this happen as soon as possible,” Smith said in a statement. “We are ready to welcome the NHL and are confident that the time and attention being spent by all parties will bring one of the most exciting and dynamic leagues in the world to our community on a permanent basis.”
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Smith is the chairman of SEG, the parent company of the Jazz, Delta Center, Real Salt Lake (MLS) and Utah Royals (NWSL). Smith says he has been in discussions with NHL commissioner Gary Bettman since early 2022 about why Utah is the ideal market for an NHL franchise. He envisions a team using the Delta Center as a temporary home or starting play in a “state-of-the-art” hockey arena if it can be ready in time. A new arena would also serve as a venue for any future Winter Olympics in Utah.
Since 2018, the Delta Center has hosted five NHL games as part of the Los Angeles Kings’ “Frozen Fury” preseason exhibition series.
“The NHL appreciates the interest expressed by Smith Entertainment Group to bring NHL hockey to Utah,” the NHL said in a statement. “We have been impressed by Ryan and Ashley Smith’s commitment to their community and their passion and vision for Utah, not only as a hockey market, but as a preeminent sports and entertainment destination. Utah is a promising market, and we look forward to continuing our discussions.”
The NHL added a pair of teams for the 2000-01 season in the Columbus Blue Jackets and Minnesota Wild, and both paid an $80 million expansion fee, but it was 17 years before another team joined when Bill Foley paid a $500 million fee for the Vegas Golden Knights. The Seattle Kraken followed four years later at a $650 million price tag.
Expanding beyond the current 32 teams will require a much bigger expansion fee. The average NHL team is now worth $1.31 billion, up 40% from two years ago. Bettman was asked about expansion and potential fees in a recent piece for The Hockey News. “Whether it is $2 billion or $2.5 billion or $2.7 billion, I think that is the range I believe the owners would want to be in if we were going to consider expansion,” Bettman said.
In early 2022, Smith and his wife Ashley bought the Jazz for $1.66 billion, and the value has nearly doubled since then to a recent $3.2 billion as the appetite for NBA franchises has soared.
“Utah has a long history with hockey, the strongest economy in the nation, a passionate sports fan base, and the youngest and most active population,” said Utah Gov. Spencer Cox. “With the Olympic bid underway, our long-standing reputation as one of the greatest winter sports capitals in the world, and with the proven leadership of Ryan and Ashley Smith and SEG in our community, I am extremely optimistic about the future of Utah.”
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