NHL’s Utah Hockey Club and NBA’s Utah Jazz owner Ryan Smith is close to finalizing a deal with Salt Lake City, Utah. The deal would include renovations and a new sports district in Salt Lake City.
Salt Lake City and Ryan Smith Are Close to Finalizing a $900 Million Deal
Salt Lake City and Ryan Smith's SEG are close to finalizing a $900M deal for arena renovations & a new sports district.
The deal would require teams to play all their home games in the Delta Center for the next 30 years or face significant penalties.https://t.co/Yw6Gd2WTie
— Sports Business Journal (@SBJ) July 3, 2024
The deal has many moving parts to it. $900 million of public financing would be used for renovations and to create a new sports district in Salt Lake City. In exchange, the Utah Hockey Club and the Jazz will remain playing home games at Delta Center. If one team leaves within 15 years of the deal, Smith’s business (Smith Entertainment Group) would owe up to $125 million. Furthermore, if both team leaves, the penalty would increase to $25o million.
The Deal Will Impact Fans Attending Hockey Club and Jazz Games
Fans who attend games and other events at Delta Center will be charged an additional fee that will go towards paying for the work and other projects. The Smith Entertainment Group will take on an additional fee of $1 per ticket on tickets costing $25 or less; $2 per ticket for tickets costing at least $25 but less than $200; and $3 per ticket if the price is more than $200.
Hockey Comes to Utah
The Utah Hockey Club, formerly known as the Arizona Coyotes, are preparing for their first season in Utah since relocating. The Hockey Club will be looking to break a four-season playoff drought, and they have been busy so far this offseason. Their biggest move so far is acquiring defenceman Mikhail Sergahev.
The Future Of Sports In Salt Lake City
Salt Lake City will become a multi-sport city this October when the Hockey Club begins the new season. Moreover, this deal guarantees both the hockey and basketball teams a home with a strong sense of community around it. Time will tell, but it is possible this deal is just one of the first steps in Salt Lake City becoming a professional sports centre of the United States.
Main photo: Mark J. Rebilas-USA TODAY Sports
