Estimated read time: 3-4 minutes
- The Utah Jazz are valued at $3.75 billion, ranking 20th in the NBA.
- The team's revenue is $367 million, with $106 million in EBITDA, outperforming 10 higher-valued teams.
- Ryan and Ashley Smith's purchase of the Jazz for $1.66 billion in 2020 has seen significant value growth.
SALT LAKE CITY — The Utah Jazz might be tied for the second-worst record in the NBA heading into All-Star Weekend, but there's one place where the team sits a little higher in the standings.
CNBC Sports ranks the Jazz as the 20th most valuable franchise among the league's 30 teams, according to its official NBA valuations for 2025 released Friday.
The media outlet values the Jazz at $3.75 billion, about a billion dollars less than the league average of $4.66 billion. Utah comes in just behind the Milwaukee Bucks and slightly ahead of the San Antonio Spurs.
CNBC placed the Jazz's revenue at $367 million, with $106 million in earnings before interest, taxes, depreciation and amortization or EBITDA. The latter figure is better than 10 teams with higher valuation.
The valuations represent current enterprise values — equity plus net debt — calculated using revenue multiples based on historical control transaction prices. The valuations include the economics of the team's arena, including non-NBA revenue, such as concerts, which accrue to the team's owner, according to CNBC's methodology.
Return on investment
Ryan and Ashley Smith, principals of Smith Entertainment Group, reportedly paid $1.66 billion for the Utah Jazz when they bought the team from longtime owner Gail Miller and her family in 2020. And while the team struggles on the court, its value continues an upward trajectory, now more than $2 billion more than the Smiths paid.
CNBC's valuation of the Jazz isn't much different than figures Forbes and Sportico placed on the franchise.
Forbes' NBA team valuations for the 2024-25 season put the Jazz at $3.55 billion, ranking 23rd in the league and up nearly $500 million from the previous year. Sportico valued the Jazz at $3.67 billion, ranking Utah 22nd in the NBA. Its valuation of the team marked a 13% increase over the previous year.
Smith Entertainment Group owns the Delta Center, the Jazz's home arena and venue for other money-making events including concerts and, since last October, Utah Hockey Club games. The company bought the NHL team last April.
What is the NBA's most valuable team?
The most valuable NBA team — and it's not even close — is the Golden State Warriors at $9.4 billion, according to CNBC.
The Warriors generated $781 million in revenue during the 2023-24 season, the highest in the NBA. The Warriors own their home arena, San Francisco's Chase Center, from which they also earn revenue from non-NBA events. The team took in nearly $200 million in sponsorship revenue last season, nearly double that of any other team, according to a league executive, per CNBC.
"It may not be surprising that the value of the Warriors has increased at a 24% compound annual growth rate since Joe Lacob and Peter Guber paid $450 million for the team in 2010. After all, the Warriors have won four NBA titles over the past decade, moved into their state-of-the-art arena in 2019 and have been led by two-time league MVP Stephen Curry," the article said.
The Memphis Grizzlies have the lowest valuation in the league at $3.2 billion but still have been a great investment for owner Robert Pera.
"The Grizzlies have not been to the NBA Finals since entering the league in 1995 and generally rank in the bottom third of the NBA in average attendance. Yet, the value of the Grizzlies has increased at a 19% annual rate since Pera paid $377 million for the team in 2012," according to CNBC.
What is the Utah Hockey Club worth?
The Smiths this year also bought the NHL's Arizona Coyotes for $1.2 billion and moved the team to Salt Lake City, rebranded as the Utah Hockey Club. Forbes placed the value of the Arizona team at $500 million last year, lowest in the league.
Now five months into its inaugural season, Utah HC isn't the least valuable team in the league anymore. CNBC's Official 2024 NHL Valuations ranks Utah 28th at $1.2 billion, just what the Smiths paid in April.
In addition to the Jazz and Utah HC, Smith Entertainment Group owns the MLS soccer team Real Salt Lake and the Utah Royals of the NWSL.
