Gail Miller and her family have sold the Utah Jazz to Qualtrics founder Ryan Smith for a reported $1.66 billion, it was revealed Wednesday.

The Miller family has owned the Jazz for 35 years, starting with the late Larry Miller. Smith’s former business is a software company based in Provo, Utah. Smith, 42, sold Qualtrics for a report $8 billion.

“I grew up watching the Jazz. This is the team I cheered for,” Smith said at a news conference. “I played Junior Jazz. I dreamed of playing for the Jazz, and that didn’t work out. But as I was sitting there this week in the Junior Jazz program you guys started, with hundreds of kids running around, the legacy you’ve created is untouchable.

“We’re all incredibly grateful for that. The Jazz are a gift to this whole community, and that’s how we view it. That’s 100 percent how we view this.”

The Jazz have made four straight playoff appearances under coach Quin Snyder and GM Dennis Lindsey. Smith isn’t expected to make any immediate changes to the coaching staff or front office.

For the most part, the Jazz clearly valued stability and consistency in both coaches and executives under the Millers.