Real Salt Lake
Miller family / Miller Sports + Entertainment (Larry H. Miller Company) acquisition · 18 Apr 2025
- Seller
- David Blitzer and Smith Entertainment Group
- Stake acquired
- —
- Control
- Yes
- Reported consideration
- Undisclosed
- Implied equity value
- —
- League
- MLS
- Country
- United States
- Confidence
- MEDIUM
Buyer profile: Miller Sports + Entertainment: clubs owned, where they buy next
Miller family / Miller Sports + Entertainment (Larry H. Miller Company) acquired a majority stake in Real Salt Lake from David Blitzer and Smith Entertainment Group, announced 18 Apr 2025.
The purchase consideration was not disclosed. Reporting placed the club's value at ~€546m.
Nearest pre-acquisition revenue was €46.2m (FY 2024).
- Announced
- 18 Apr 2025
- Closed
- 18 Apr 2025
- Stake after transaction
- —
- Status
- completed
Reported consideration
What the buyer reportedly paid for the stake
Implied 100% equity value
Calculated: consideration ÷ stake acquired
Reported club valuation
Enterprise value
Only shown when debt/cash near the transaction date is established
Debt assumed / restructured
Primary capital injection
Total announced investment commitment
Commitments are not purchase price and not valuation
Nearest pre-acquisition financial year: 2024
Revenue
Wages
EBITDA
Net debt
Net income
(Real Salt Lake (incl. Utah Royals FC).) On 18 Apr 2025 the Miller family (ex-Utah Jazz owners) bought the controlling interest in RSL Football Holdings from the Blitzer/SEG group, ~3 years after that group paid a reported ~$400m. The Athletic reports the total deal at ~$600m covering RSL, Utah Royals, Real Monarchs, the stadium and training centre — a bundled enterprise-style figure.
The price of the controlling stake itself, the stake percentage and the debt component (JP Morgan/Zions Bank financing) are undisclosed, so no implied equity value is derived. Blitzer stays as second-largest shareholder; Ryan Smith fully exits. Revenue is Forbes' 2024 estimate for the MLS club only. FX: USD→EUR 0.91. Franchise-model caveat: MLS/NWSL/Liga MX values are closed-league franchise prices (no relegation risk, league-controlled entry, single-entity revenue sharing in MLS) and are NOT comparable to European open-pyramid club prices, where sporting risk and player-trading economics drive value.
- MLS: Miller Sports + Entertainment Purchases Controlling Interest in RSL Football Holdings ↗Tier 2 · primary league
2025-04-18 — “Miller family finalized acquisition of controlling interest in RSL Football Holdings (RSL, Utah Royals, Real Monarchs, RSL Academy, America First Field, Zions Bank Stadium and Training Center); Blitzer remains second-largest shareholder; financing by J.P. Morgan and Zions Bank.”
- The Athletic: Miller family buys MLS's Real Salt Lake, NWSL's Utah Royals in $600 million deal ↗Tier 3 · media
2025-04-18 — “Terms not public; sources say sale totaled around $600 million for both clubs, Monarchs, stadium and training facility; Ryan Smith exits; Blitzer bought RSL in Jan 2022 for a reported $400m.”
- Forbes: The Most Valuable MLS Teams 2025 ↗Tier 3 · media
2025-02-21 — “#25 $500 million Real Salt Lake — Revenue: $50 million | Operating Income: $0 | One-Year Change: 3% (verified via Exa index highlights; paywalled to direct fetch).”