World News – AU – Hoop dreams come true as Cannon-Brookes acquires stake in the NBA team

Tech billionaire Mike Cannon-Brookes becomes the first Australian to own an NBA team and buy a minority stake in Utah Jazz.

Cannon-Brookes’s investment in the US basketball team, allegedly hundreds of millions, adds co-founder and co-executive director of software company Atlassian to the exclusive list of technology entrepreneurs who own NBA teams.

These include former Microsoft CEO Steve Ballmer (who owns the Los Angeles Clippers) and billionaire Mark Cuban (who owns the Dallas Mavericks). .

The opportunity to get into Utah Jazz came from a deal between the Miller family, who have owned the team for 35 years, and the founder of US tech company Qualtrics, Ryan Smith.

Under the terms of the agreement, Mr. Smith will be the representative owner of the team, with minority shareholders Mr. Cannon-Brookes and Ryan Sweeney, partners in US venture capital company Accel.

Qualtrics develops software for rapid data collection and analysis, while Atlassian develops software that IT departments and computer programmers can work with online. Accel was an early investor in both software companies.

Mr. Smith and Mr. Cannon-Brookes, both lifelong basketball fans, told The Age and The Sydney Morning Herald that even the COVID pandemic wouldn’t get in the way of the deal.

« The hardest part of the process was that everything was on zoom, so you’re missing out on a little of that excitement. For a deal like this, being there and interacting with everyone is important, but I’m confident the planes will open up and we’ll find out in the next year or two, « said Cannon-Brookes.

« I’ve been trying [to buy the Utah Jazz] for a while . . . an owner for 35 years. I thought this thing would never leave the family, ”said Mr. Smith.

Mr. Cannon-Brookes added that the deal highlighted a change of guard in the NBA as a new generation of entrepreneurs took over the reins of a generation that came before them.

« The NBA is very technology-oriented and has a long history of entrepreneurs. It is only in the last decade that the most important transactions have been carried out by tech entrepreneurs, which reflects the way the league is going, ”he said.

Aside from their shared passion for the sport, Mr. Cannon-Brookes and Mr. Smith study the broader challenges society faces – from climate change to eliminating systemic social and racial inequalities.

Both tech billionaires said their responsibilities as owners go well beyond the day-to-day operations of the team. « Our role is longer term, it’s about what the organization will be like in a decade, it’s about things like culture and the values ​​of the organization, » said Cannon-Brookes.

« The NBA is the perfect thing to bring people together right now. It is the largest platform to bring about change in the world. There is no greater responsibility than this, ”added Smith.

« I run a much bigger business [than jazz] and so does Mike. We understand that we need to use this platform to do good. ”

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Technology and business journalist with digital experience.
Stays at Business Spectator, The Australian.
Better than your average cook, pretty handy with knives and guitar.

Utah Jazz, NBA, Ryan Smith, Gail Miller