Utah
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.
“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.
“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.
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)
The Utah Legislature tried to address the unaffordability or, for some, unavailability of home insurance last year.
The state created a program to inspect “high-risk” properties statewide and charge those properties a fee.
Its start date was supposed to be Jan. 1, but now lawmakers are giving state and local officials an extra year to implement it. House Bill 41, which Gov. Spencer Cox signed in March, moves the start date to Jan. 1, 2027.
Bill sponsor Rep. Thomas Peterson, R-Brigham City, says that’s to give time for cities and counties to petition the state to add or remove properties from the fee area.
“[The Division of] Forestry, Fire and State Lands has said they will work with the cities and counties to amend their maps, if it’s indeed justified,” the representative said during a House committee hearing.
The program targets properties with buildings in the “high-risk wildland-urban interface,” or WUI, meaning those that straddle wilderness and development. The Division of Forestry, Fire and State Lands has a map classifying certain properties as high-risk WUI.
That’s the map local governments can petition to amend this year.
Those properties will pay a fee into the new Utah Wildfire Fund, which is supposed to offset fire-related costs. The fee pays for inspections to make sure property owners are being firewise and maintaining their land.
The fee is expected to range from $20 to $100 annually, depending on the size of buildings on a given property and risk level. The state forester has more information on an online FAQ page.
as hard as it is to say goodbye to a special place where you’ve made countless memories, letting one good thing go can invite something even better to take its place. When one Chicago-based couple welcomed their first grandchild, they knew that it was time to part ways with their former Victory Ranch, Utah, retreat and expand into a custom-built home in nearby Kamas, which was designed to grow with their family.
With Jennelle Butera of Bloum Design Co. helming the design, every area of the expansive new homestead was tailored to suit the needs of a full, bustling household, with curated design choices that seamlessly coordinate with the majestic mountainous terrain on full display in nearly every room.
To give the space an artful signature all its own, Butera commissioned numerous custom accents. “We love working with local artisans,” she says. “We layered in pieces that feel deeply personal, from a solid walnut dining table with brass butterflies to a gunmetal kitchen hood and blackened steel fireplace surround.”
Though incredibly spacious and airy, the entire interior still has a warm and inviting feel, making it a natural home base for the entire brood to gather. From an intimate breakfast nook just off the main living area to a family room that’s ready for anything—from game night to cocktail hour—to a primary bathroom that could rival the most luxurious five-star spa, this is the ultimate entertaining home, sure to host countless reunions and gatherings in the years to come. And crucially, the space doesn’t feel cordoned off from the gorgeous natural world outdoors, but very much a part of it.
FAST FACTS
Designer: Jennelle Butera, Bloum Design Co.
Location: Kamas, Utah
The Space: A five-bedroom, six-bathroom home across 8,200 square feet
ENTRYWAY
Guests are greeted by subtle artistic touches.
An entryway needs to make a memorable first impression, and the one in this home, anchored by a distinctive custom walnut console table, is so much more than a simple pass-through. “This entry vestibule serves as an artistic moment,” Butera says. There’s subtle beauty to appreciate underfoot as well, as the dappled pattern of the natural stone pavers is used both indoors and out, providing a seamless visual transition.
THE GREAT ROOM
A comfy, calming space that lives up to its name.
Rug: Armadillo & Co. Couches: Montauk Sofas. Coffee table: The Future Perfect. Chairs: Verellen. Floor lamps: Vaughan Designs.
Walking into the great room, visitors are struck by two distinct features: expansive panorama windows that showcase sweeping mountain vistas and a sumptuous seating area that practically begs sitters to stay awhile and appreciate the view. The deep olive green Montauk sofas were hand-selected not just for their gorgeous color and plush silhouette, but because they feel like a dream. “The clients even took a special trip to the Chicago showroom to personally sit-test them,” Butera quips.
DINING AREA
Gilded accents add polish to everyday meals.
Table: Project Sunday. Chairs: Maiden Home. Rug: Utah Rugs. Light: Apparatus. Bar shelving: Handmade Industries.
Adjacent to the central seating zone is the dining area; at its heart is a custom-fabricated walnut table with cozy mohair-upholstered chairs that offer plenty of spots for dinner party guests to perch.
“Warm and chocolate tones were chosen to complement the natural landscape,” Butera says, and the effect is the total embodiment of—dare we say—quiet luxury. A sophisticated dry bar awaits service nearby, resplendent in its gleaming wallcovering by Alchemy Helio 3.0.
BREAKFAST NOOK
This bonus room is the go-to spot for quiet contemplation.
Banquette: Teerlink Cabinets. Table: Greg Palombo. Chairs: Maiden Home. Pendant: The Urban Electric Co.
For those in-between moments throughout the day, this light-filled breakfast nook, grounded by a custom ash wood table and banquette, offers a casual, quiet corner. “This intimate, everyday space allows them to enjoy the view while sitting with coffee or tea,” Butera says. “It’s also the client’s preferred workspace.”
KITCHEN
Soft moodiness pervades in this hyper-efficient cooking hub.
Countertops: Bianco Superior. Pendants: Allied Maker. Stools: Thomas Hayes Studio. Cabinet hardware: Ashley Norton. Backsplash tile: Bespoke Studio.
“The kitchen showcases a curated interplay of dark and light,” Butera says. Subtle shifts in tone and mood are exemplified through the rich oxidized rift oak cabinetry, which contrasts against the smoky zellige tile backsplash. Crowning the range is a custom gunmetal hood, which Butera calls “the kitchen’s striking focal point.”
The space’s organizational flow was also meticulously mapped out through specialized, streamlined storage to ensure maximum efficiency while also allowing room for beauty. The client’s precious collection of pottery, handmade by her mother, holds court above the cook space in the glass-door upper cabinets.
FAMILY ROOM
A casual escape designed for off-hours enjoyment.
Rug: Antrim. Couch: American Leather. Chair: Younger + Co. Side table: Moe’s Home. Floor lamp: Visual Comfort.
On the lower level, this entertaining zone ups the casual quotient, offering ample storage space for the household to stash games, books, and other off-the-clock accoutrements. Ever ready for all hosting needs, the space includes an oxidized rift oak bar and kitchenette. “The bar was intentionally designed to be camouflaged and sleek,” Butera notes. It also alleviates the need to run upstairs for a refill.
BEDROOM
Relaxed refinement takes center stage.
Wallcovering: Fromental. Pendant light: Visual Comfort & Co. Bed: Lawson-Fenning. Bedding: Boll and Branch. Rug: Rosemary Hallgarten.
Cabinet hardware: Colonial Bronze. Rug: Overland Sheepskin. Closet sconce: The Urban Electric Co.
Waking up is never hard to do in this primary bedroom, which Butera calls “a zen-inspired sanctuary for enjoying the mountain views from bed.” She extended the serene tonal and textural palette to this calming space, adding a watercolor-inspired wallcovering to the room’s feature wall and extending it into the nearby boutique-inspired changing area.
PRIMARY BATHROOM
An everyday sanctuary replete with spa-level luxury.
Countertop material: Crema Marfil. Sconces: The Urban Electric Company.
Shower tile: Silver Wave. Shower fixtures: Newport Brass.
“This primary bathroom is a spacious sanctuary, flooded with natural light,” Butera says. Layers of materiality—limestone floor tiles, a marble sink countertop, a white oak custom vanity—read as a naturalistic extension of the alpine atmosphere just outside.
GUEST ROOM
This home-away-from-home practically guarantees sweet dreams.
Wall paint: Card Room Green, Farrow & Ball. Pendant: Visual Comfort. Rug: Armadillo. Bed: Maiden Home. Nightstand: Maiden Home.
This entire home was designed with five-star hospitality in mind, so the guest rooms were certainly not an afterthought. “The main-level guest bedroom is a warm and welcoming space designed to make family and guests feel at home,” Butera says. The room’s biophilic-inspired sage, almond, and mauve hues cocoon the sleeper to put the mind at ease, while a lantern-like pendant from Visual Comfort & Co., aptly named “Paper Moon,” hangs overhead.
About the Designer
Jennelle Butera of Bloum Design Co. has been creating thoughtful spaces for over a decade. In each aspect of her projects, Jennelle and her team seek connection and collaboration with both their clients and their creative partners to create homes that are truly a team effort and reflect each contributing point of view.
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The Utah Jazz have just one game left on the calendar to decide their final record to close out the 2025-26 season, and with it, finally determine their official lottery odds headed into the offseason.
While the Jazz might be out of the postseason hunt or anything close to it, their matchup agains the LA Lakers holds some high stakes, strictly because of those upcoming lottery odds.
Utah will also need to keep an eye on the Sacramento Kings’ final game of the year against the Portland Trail Blazers, as their outing will also have implications for where the Jazz will stand when it comes to their final lottery standing.
With that in mind, here’s what to watch for in both the Jazz and Kings face off in game 82 of their respective seasons:
If Jazz Lose + Kings Win
The best-case scenario for the Jazz’s lottery odds would be a combination of their own loss to the Lakers, combined with a Kings win vs. the Blazers. That would then put the 22-win Jazz one game below Sacramento in the end-of-year league standings, and with it, the standalone 4th-best odds in next month’s lottery.
That not only gives the Jazz a 12.5% chance at the number-one pick in the lottery, but also guarantees that they’ll retain their top-eight protected pick currently with the OKC Thunder.
It’s safe to assume this is the ideal outcome in mind for those in the Utah front office, but will require a bit of outside help since the Jazz claimed a win against the Memphis Grizzlies to tie Sacramento’s record.
If Jazz Win + Kings Lose
This is what the Jazz don’t want to see. A combination of their own win along with a Kings loss means they drop to sole possession of the fifth-best lottery odds; thus dropping to a 10.5% chance of claiming the number-one pick, and helping OKC to a slim 0.6% chance of taking Utah’s pick.
The fifth-best odds aren’t all bad. You’re given a 44.3% chance that your selection either moves up or stays within that range, and if it remains within the top five, gives Utah a really strong opportunity at a talented player atop the board. But of course, fourth is still better.
Considering the Lakers have a real incentive to win against the Jazz for their own seeding purposes as Utah has quite the opposite, this feels like an unlikely outcome on the surface. Crazier things have happened in the NBA, though.
If Jazz and Kings Both Win/Lose
If the Jazz and Kings both fall to the same result on Sunday night, nothing changes from where the landscape stands now.
Each team will tie with the fourth-best odds in the lottery with either 22 or 23 wins, and will be forced to a tiebreaker in order to determine who gets the fourth and fifth spots in the drawing come lottery time.
That tiebreaker inevitably comes down to a literal coin flip, and therefore would leave the Jazz with essentially just a 0.3% chance that the Thunder will claim their top-eight protected pick. It’s not officially guaranteed that Utah would be the ones walking away with possession of that pick, but it’s pretty dang close.
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