The Larry H. Miller Group of Companies owner and chairman Gail Miller announced Monday she will transfer ownership of the Utah Jazz and Vivint SmartHome Arena to a legacy fund.

Miller called the transfer "an unprecedented move" that will ensure the Jazz will "remain in Utah for generations to come."

Miller, 73, has been the head of the corporation since the death of her husband, the late Larry H. Miller, in 2009. Forbes has called Miller the richest person in the state of Utah, with a net worth estimated around $1.7 billion.