Dealer Loses Millions On His Basketball Team

Larry Miller, a major auto dealer in Salt Lake City, UT, and owner of the Utah Jazz basketball team, has lost $10 million on the NBA squad last season and close to $25 million over the past two seasons. We're losing a lot of money, Miller tells the Salt Lake Tribune. Huge numbers. Blow-your-mind numbers. The past couple of years have hurt us, big time. It's painful. But it's self-inflicted and hopefully

Larry Miller, a major auto dealer in Salt Lake City, UT, and owner of the Utah Jazz basketball team, has lost $10 million on the NBA squad last season and close to $25 million over the past two seasons.

“We're losing a lot of money,” Miller tells the Salt Lake Tribune. “Huge numbers. Blow-your-mind numbers. The past couple of years have hurt us, big time. It's painful.”

But it's self-inflicted and hopefully short term, says Miller, who has paid big salaries for top players in an effort to become a contender.

His business empire includes the 35-dealership Larry H. Miller Group (ranked 10th on this year's Ward's Megadealer 100 with $2.4 billion in revenue), a financing company, restaurants, theaters and the Delta Center, home of the basketball team he has owned for 21 years.

The health of his overall portfolio appears excellent.

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish