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.