13-time NBA All-Star Dwyane Wade has purchased a minority stake in the Utah Jazz and will work closely with majority owner and tech mogul Ryan Smith to chart the direction of the team. While his ownership stake has not yet been released, NBA rules require an ownership stake to be at least 1%.
In an interview with ESPN, Wade referenced fellow NBA legends Shaquille O’Neal and Grant Hill – part-owners of the Sacramento Kings and Atlanta Hawks respectively – as inspirations, in addition to the great Michael Jordan, controlling owner of the Charlotte Hornets.
Wade’s emergence as an NBA owner can be traced back to his relationship with Ryan Smith, who purchased the Jazz for $1.66 billion in October. The two met while playing golf back in 2019 and reportedly hit it off instantly, strategizing about future business partnerships. When Smith purchased the Jazz, he knew exactly whom he would recruit to join his ownership group, a group which also includes Smith’s wife Ashley, tech leaders Ryan Sweeney and Mike Cannon-Brookes, and the family of the late Larry Miller.
In a tweet announcing the purchase of his ownership stake, Wade referred to the move as being “bigger than basketball.” He explained to ESPN, “Unfortunately, people in my community don’t get this opportunity, and I do not take it lightly to have this opportunity. To make real change, this is where you have to be — at the top.” He described this next chapter as an “opportunity to grow” as an investor, businessman, and entrepreneur.
https://twitter.com/DwyaneWade/status/1383097157167640577
This purchase is only the latest of Wade’s business pursuits. His other ventures include BallerTV, Wade Cellars, and 800° Woodfired Kitchen.
