Jazz Owner Now Seeks American Funds for Arena

Utah Jazz owner Larry H. Miller said he is switching his financing plans for a new arena from a Dutch bank to Shearson Lehman Hutton.

Miller said he reached an agreement Monday afternoon with representatives of the securities firm. Under the agreement, the Jazz will deal with no one else until Shearson Lehman says whether it can finance the arena, he said.

The decision leaves dealing with the Nederlandsche Middenstandsbank on a back burner, Miller said. He said he would return to talks with that bank only if no other deal could be completed.

The Jazz owner announced in August that he had signed a commitment paper with the bank, headquartered in Amsterdam, for a $55.8-million loan to build the arena.

But “11th-hour” changes in negotiating points with the Dutch bank on a final agreement led Miller to resume talks with other financial sources for the project, he said.