The NHL Board of Governors approved Ryan Smith's $1.2 billion acquisition of the Arizona Coyotes on Thursday, relocating the franchise to Salt Lake City effective immediately. Smith, who bought the NBA's Utah Jazz for $1.66 billion in 2020, now operates two major-league teams in a metro area ranked 47th in North America by population. The Coyotes will play as the Utah Hockey Club for at least one season while Smith's group finalizes branding.
The deal ends the Coyotes' 28-year run in Arizona, a tenure marked by five arenas, three ownership groups, and cumulative operating losses estimated north of $300 million. The franchise played its final two seasons at Arizona State University's 5,000-seat Mullett Arena after Glendale terminated its lease in 2022. Former owner Alex Meruelo retains rights to an expansion franchise if he secures a new arena and pays a $1 billion expansion fee within five years—a window most league insiders consider unlikely to close.
Smith inherits a franchise with $160 million in annual revenue, roughly 40 percent below the league median, but gains territorial control over a market the NHL has circled since Salt Lake City hosted Olympic hockey in 2002. The Delta Center, home to the Jazz, seats 17,000 for hockey with minimal conversion work. Smith's group has committed $450 million toward arena upgrades, including a shared practice facility and expanded club seating, with completion targeted for the 2025-26 season. Early ticket interest has been strong: the team sold 12,000 season-ticket deposits within 48 hours of the announcement, generating roughly $30 million in upfront cash.
The move creates immediate pressure on regional broadcasters and kit suppliers. AT&T SportsNet, which carried Coyotes games under a deal worth $25 million annually, will not extend into Utah; Smith's ownership of the Jazz gives him existing leverage with regional sports networks, and a bundled broadcast package is expected by August. Adidas, the NHL's uniform supplier through 2024, will produce interim Utah kits using a generic crest and color scheme; Fanatics takes over the league's uniform contract in 2024-25, and Smith's design team has until then to finalize a permanent identity. League sources expect a name reveal before the 2024 draft in late June, with merchandise pre-orders beginning immediately after.
The deal also shifts leverage in expansion negotiations. Atlanta and Houston, the NHL's preferred next markets, now face a baseline valuation of $1.2 billion, roughly $400 million higher than the last expansion fee paid by Seattle in 2021. Commissioner Gary Bettman has said the league will consider expansion only after resolving arena situations in Calgary and Ottawa, but Smith's entry price establishes a floor that narrows the field of credible buyers. Family offices and private-equity platforms that balked at $800 million for Seattle are now pricing at $1.5 billion minimum for a future franchise.
Smith's next 90 days will determine whether Utah becomes a revenue peer or a structural outlier. The team must hire a general manager, finalize local broadcast terms, and begin season-ticket conversions by late June. Meanwhile, the league watches whether a dual-franchise operator can extract synergies—shared sponsorships, bundled suites, coordinated community programs—that justify the $2.86 billion Smith has now deployed in Utah pro sports. The first test arrives October 8, when the Utah Hockey Club hosts the Chicago Blackhawks in its inaugural home game.
The takeaway
Ryan Smith controls two major-league franchises in Salt Lake City after paying **$1.2B** for the Coyotes, setting a new expansion floor for Atlanta and Houston.
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