NBA News Update: Philadelphia 76ers signing Daryl Morey on a 5-year deal, Utah Jazz to be sold to tech tycoon for $1.6 billion

Boston Celtics v Philadelphia 76ers - Game Four

The Philadelphia 76ers were packed with talent last season but couldn't find the needed chemistry. After getting swept in the first round of the East playoffs, they decided to fire head coach Brett Brown and later replaced him with Doc Rivers. They're finding the limelight in today's NBA news update for another bold decision. The Sixers have now signed Daryl Morey to run their basketball operations.

A deal is expected to be finalized in the next few days, and Sixers GM Elton Brand is expected to remain in his current position, sources said. https://t.co/fHb5Mds9yG
— Adrian Wojnarowski (@wojespn) October 28, 2020

NBA News Update: Daryl Morey signing with Philadelphia 76ers after parting ways with Houston Rockets

ESPN's Adrian Wojnarowski was the first to report on this move by the Philadelphia 76ers as seen in the tweet above. The Athletic's Shams Charania later added details about the length of the contract and by when the signing is likely to be completed.

Sources: Former Rockets GM Daryl Morey will sign a five-year deal with the Philadelphia 76ers as soon as this weekend to run the franchise’s basketball operations.
— Shams Charania (@ShamsCharania) October 28, 2020

Daryl Morey's long-term association with the Houston Rockets came to an abrupt end after he stepped down as the general manager of the franchise. He held that role for over 13 years and his most important move as an NBA executive was acquiring James Harden from OKC Thunder back in 2012. Morey was expected to take some time off but will be continuing his journey with the Philadelphia 76ers.

NBA News Update: Utah Jazz ownership to change hands in $1.6 billion deal

The Utah Jazz has been owned by the Miller family for 35 years. Larry Miller first took over half of the stake back in April 1985 before getting hold of the entire ownership. It was taken over by Larry's wife Gail since the former's death in 2009.

Now, a decision has been made to sell the Utah Jazz as well as the Vivint Smart Home Arena to Qualtrics founder and life-long Utah resident Ryan Smith for a sum of $1.6 billion, as reported by ESPN. Smith had to say the following about the deal:

"I've approached Gail and the Millers a couple times," Smith said at a news conference Wednesday morning inside Vivint Smart Home Arena. "There's no secret about my interest in the NBA, and there's really no secret about my interest in the Jazz."

The Utah Jazz won nine division titles and two Western Conference titles during the ownership of the Millers.

Also read: NBA Trade Rumors - 5 players unlikely to be back with the Philadelphia 76ers for the 2020-21 season