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Ryan Smith of Utah Jazz, Utah Hockey Club launches new sports-tech investment fund

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Ryan Smith of Utah Jazz, Utah Hockey Club launches new sports-tech investment fund


Ryan Smith and Ryan Sweeney have long had a close relationship that goes beyond just their shared name.

Sweeney, a longtime venture capitalist and partner at Accel, was the first to invest in Qualtrics, the tech company that gave Smith success and the wealth to buy the Utah Jazz. When he did that in 2020, Sweeney came in as a minority owner.

Over the last two years, Sweeney has been pushing Smith to join him on their next big idea, a fund devoted exclusively to the intersection of sports and technology. Finally, he got Smith to budge.

On Tuesday, Smith and Sweeney launched Halo Experience Co., a new investment firm that the two have founded together. The two believe that their sports holdings — and specifically the experiential elements of live events — can be a backbone for their investments and help pull tech companies into that space.

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“Part of the evolution of this experience movement within sports and entertainment is that we are a microcosm of the entire economy,” Smith said. “We’re a healthcare company. The amount of money we’re spending on healthcare is insane within these sports franchises. We’re a payments company. We’re a security company for events and digital and everything else. We’re a streaming company; we have full over-air media, and we’re selling advertising.

“We are in the music industry because people are making money on live events now, not CDs like they used to. So, concerts are everything. We’re a social media company; I think 10 million followers between our brands. You look at the areas that we touch, it’s easy to be like, OK, would we be a buyer of this? Would this help us? Would it help one of our partners?”

While Smith owns the Jazz and Utah Hockey Club, along with Smith Entertainment Group, the firm will be separate from those properties, and it will not be a part of Accel, although it will operate with some of its support. Initial investors include Smith, Sweeney, Sweeney’s Accel partners investing as individuals and limited partners they declined to disclose.

The new firm, which Smith and Sweeney have nicknamed “HXCO,” plans to raise $750 million to $1 billion, Sweeney said, and already has 5-6 deals in its pipeline. The two intend to find companies that they can bring into the sports and live events ecosystem, or have a role in it and invest in them.

Halo Experience would be another example of how the sports world continues to bring in financial capital that had previously remained out of the sector. Private equity companies have started investing in North American professional sports teams in recent years, from the NBA to the NFL, and some, like Arctos Sports Partners, have even deployed funds centered around sports team ownership.

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“There’s two revolutions going on,” Smith said. “One’s definitely in AI, where every venture capital firm is, you know, doing this movement where they’re renaming everything AI, dot ai, which is real and it’s not going away. We’ve also seen this movement in sports. We’ve seen it kind of come from the inverse of what we’re doing. We’re seeing a bunch of funds being created to buy a bunch of sports teams. And I understand why. I think the background of all those people are very different. It’s private equity, it’s everything else.

“We just have a unique background. We come from tech, and we’re still young, and we’re involved. If you look at consumer spending, if you look at where things are going, if you look at what people are prioritizing, everything is around experiences right now, and you know the amount of tech plays that have to tap into that to be successful is enormous. And so we’re bringing this kind of the other way, where, for the first time ever, there’s a tech fund that has the ability to lean into tech, do it with sports on that platform.”

Sweeney believes that the sports investment market is “massive” and growing. The surge in demand for live events since the pandemic has not stopped, Smith said.

They have also seen big tech companies come into the sports world recently and get involved in media, which, Smith believes, has led to media being nationalized and no longer local. Amazon, Netflix and Apple have all grabbed portions or all of significant league media rights packages over the last five years.

The Jazz have been an example of that, as their media distribution deal has morphed in recent years from a cable regional sports network to a combination of an over-the-air channel and a streaming app, Jazz+, both of which have created different needs for technology partnerships.

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The two hope that by using their networks and their resources, they can pull companies into their orbit. The fund is going to be evaluating both early-stage and later-stage opportunities.

“This is going to be a fund that harnesses the power of sports, and it’s real, and it’s a real movement,” Sweeney said. “And as we started this conversation, you compare and contrast with a movement like AI, which gets a lot of press within the tech ecosystem right now, the size of this economy is very similar, and I would say, oftentimes less competitive, right?

“You can go disrupt it, and you can go become a player that gains significant market share relatively quickly as an investor, and that’s all you’re looking for. You’re looking for big untapped markets, and this feels like one where disruption from technology is certainly there for the taking.”

(Photo: Alex Goodlett / Getty Images)



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The U.S. needs air traffic controllers. Utah State is building a pipeline

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The U.S. needs air traffic controllers. Utah State is building a pipeline


The federal government is open again, but Utah’s air travel may remain snarled for the foreseeable future.

Transportation Secretary Sean Duffy announced Nov. 12 that flight reductions will stay in place at 6% as the Federal Aviation Administration continues to monitor national staffing levels. The same goes for air travel in Salt Lake City.

“The Department of Transportation has indicated that they don’t have all of the air traffic control workers back, and so it will take some time before they are back in the saddle,” said Salt Lake City International Airport Communications Director Nancy Volmer. “It takes time to get these flight schedules back to normal.”

Volmer said the airport has not had any additional conversations with the FAA about how long flight reductions will be in place.

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Even before the longest government shutdown in history, there was already a shortage of air traffic controllers. It’s something that’s felt across the airline industry.

The FAA faces a shortage of roughly 3,000 air traffic controllers. The shutdown did not make the situation any easier, with no pay, pressure from President Donald Trump and the ordered flight reductions. The country’s biggest travel hubs, including Salt Lake, felt it. But what about the smaller municipal and regional airports?

“There’s a lot of airports that would love to have [air traffic control] because it does increase your safety,” said Travis Biggs, president of the Utah Airport Operators Association and manager of the Heber Valley Airport.

Outside of SLC International, Biggs said the need for additional controllers is most acute at a place like Spanish Fork, a busy municipal airport without a dedicated control tower. An abundance of flight schools and proximity to a larger airport in Provo with commercial flights mean a crowded airspace.

“There’s just a lot of planes in the pattern,” he said. “In that congestion, that’s where your likelihood of having an incident or an accident or something like that between aircraft could happen.”

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It’s something a new program at Utah State University in Logan is trying to address. Here in the classroom, students look like they’re parked in front of a complicated video game, but it’s actually part of the school’s air traffic control minor.

“I haven’t had to sell it,” said assistant professor and former air traffic controller Aaron Whittle in a video from the school. “The students just love it.”

Now in its second year, students use the simulator to learn what it takes to make sure aircraft get to where they’re headed safely.

“[The controller shortage has] been that way for years, and so we’re trying to stand where we are and make a difference from where we’re at,” Whittle said. “We’ve had four individuals get accepted by the FAA that are currently in the process of becoming air traffic controllers.”

Whittle said the goal of the program is not solely to develop new talent — the FAA has strict standards and oversees the hiring and training for those jobs — but he’s been encouraged by how students have gravitated toward the classes. Overall, more than 160 students have participated since it was first offered last fall.

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An aviation student in the university’s video, Jacob Ivie, admitted his goal was to fly for an airline after graduation, but he saw the value of the experience gained in the simulator.

“It shows you all the opportunities that are out there in aviation beyond just flying the planes,” he said in the video. “It might help change a couple people’s minds and make some new controllers.”

The simulator provides students with an environment where they can practice the complex procedures and phraseology necessary in aviation without the added stress and risk of a real-world scenario.

USU’s program isn’t sending fully fledged controllers out into the world, but it is, at least, a first step to exposing students to a possible career.

Becoming an air traffic controller is a long and arduous process, according to the FAA. There’s a lengthy list of medical requirements and security clearances to meet to be considered for training, including being younger than 31 years old. Even then, less than 10% of applicants are accepted into the program. After completing the initial courses, applicants can expect 2-3 more years of education before they become certified air traffic controllers.

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Utah expands traction law for vehicles in Cottonwood Canyons

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Utah expands traction law for vehicles in Cottonwood Canyons


SALT LAKE CITY — The latest version of Utah’s traction laws may upset people looking to enjoy Big and Little Cottonwood canyons before a storm even hits the area.

With the newest update to the law being implemented by the Utah Department of Transportation, officials are now able to enforce traction requirements up to 24 hours before a storm front moves in.

UDOT says the update, which came through legislation passed earlier this year, allows drivers to “prepare before snow starts falling.” The revised law also requires vehicles in the canyons to have at least 5/32 inch of tire tread, and allows for “stricter enforcement” during storms.

The new version enables law enforcement agencies to issue citations for those who violate the traction law.

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“Our new, enhanced traction requirements are all about safety,” UDOT Region Two Director Robert Stewart said. “These updates make sure drivers have the right equipment before heading into the canyons, even if a storm rolls in while they’re parked. We hope this gives everyone more peace of mind knowing they, and the drivers around them, are ready for winter conditions.”

Traction law enforcement is handled by the Cottonwood Heights and Sandy City police departments, with additional support from the Salt Lake County Sheriff’s Office for roadside and parking enforcement.

UDOT is working to help drivers prepare, offering the free Cottonwood Canyons Sticker Program, which provides voluntary winter tire inspections at more than 140 tire shops. Those inspections run from November 13 to February 28.

The sticker program is free and voluntary, and the stickers are not required to drive in Big or Little Cottonwood Canyon. The stickers work to show that a vehicle has proper traction devices for traveling in the canyons when the Traction Law is in effect.

“It takes all of us working together to keep our canyons safe,” Stewart said. “Winter recreation is a Utah tradition we all value. A little preparation now means more time enjoying the mountains, and less time worrying about safety or compliance.”

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According to UDOT, since launching the sticker program in 2021, 86% of participants say they noticed more vehicles in the canyon that are properly equipped for winter.

Drivers are also encouraged to plan ahead, slow down, and consider using transit to reach ski resorts. Real-time updates on canyon conditions are available through the UDOT website.





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Despite economic fears, holiday season expected to be busy for Utah storeowners

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Despite economic fears, holiday season expected to be busy for Utah storeowners


SALT LAKE CITY — As the calendar nears December, the National Retail Federation predicts holiday sales will surpass the one trillion dollar mark for the first time. But how does that add up when, at the same time, officials claim consumer confidence is in bad shape?

“This is kind of the disconnect that we’re seeing in the economy right now,” explained Zions Bank senior economist Robert Spendlove.

According to Spendlove, a trillion dollars in holiday sales would be a 4 percent increase over last year’s numbers. It would be an increase despite the federation sharing numbers that show consumer confidence hasn’t been this low in 50 years.

“That’s both at the national level and at our state level. And I hear this when I talk to people that they just don’t feel great about the economy, but they continue to spend,” said Spendlove.

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That’s just the news Amanda Stewart wants to hear as owner of Mochi Kids in the 9th and 9th shopping district. Her store features a children’s clothing line, along with toys and gifts from all over the world.

“Holiday shopping is so crucial. We’ll sell probably, like, three times more during the holidays than we do during a normal month,” Stewart said.

Amanda has sensed the lack of confidence in the economy and seen an increase in wholesale prices due to tariffs, forcing her to make adjustments so she doesn’t price out her clientele.

“We’ve experienced probably about 10% price increase across the board compared to last year, and so we’ve definitely had to change how we buy,” Stewart said. “We purchased things that are a little less expensive, knowing that some people, you know, who are spending more on groceries will have less of a budget to spend on toys this year.”

Nonetheless, both the experts and those on the front lines, like Stewart, anticipate brisk sales once the holiday shopping season kicks into high gear later this month.

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“Even though consumers don’t feel good about inflation, they don’t feel good about the government shutdown, they’re nervous about tariffs, we expect that in this holiday season, consumers will be spending about $890,” Spendlove said.

“It’s not surprising to me,” added Stewart. “I think people want to have a magical experience for their families, no matter what the economic circumstances are. I think that’s just part of our culture here in the U.S.”





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