Thirteen-time NBA All-Star Dwyane Wade has purchased an ownership stake with the Jazz and plans to take an active role in the franchise, the team announced Friday.
“As a businessman, entrepreneur and investor, I bring a lot to this partnership outside of my basketball experience,” Wade said. “I’m excited to help take the Utah Jazz to the next level.”
Jazz majority owner and governor Ryan Smith posed the idea of Wade, 39, becoming part of the team's ownership after completing a $1.66 billion purchase of the Jazz in October 2020. According to NBA rules, ownership stakes can be no less than 1% of a team.
It has not been disclosed how much of a financial investment Wade is making toward the franchise.
“Dwyane is not only a basketball legend, he is also a great leader, businessman, and human being,” Smith said. “As we continue to build on the incredible legacy of the Utah Jazz franchise, we are excited to add Dwyane’s experience and expertise to the equation. Utah is an amazing place and I couldn’t be more thrilled about the future of the franchise and the future of this state. Dwyane’s influence will be important to both.”
Wade joins a small Jazz ownership group that includes Smith, his wife Ashley Smith, Accel partner and investor Ryan Sweeney, Atlassian co-founder Mike Cannon-Brookes and the Miller family that previously owned the team.
Wade, who spent 14 seasons with the Heat, has not said whether he had any conversations about financial ownership stakes with Miami.
Heat owner Micky Arison tweeted his congrats to Wade after his announcement of ownership with the Jazz.
"We had discussed having him join our ownership group after his retirement but he was not prepared to commit at the time," Arison said. "Of course I am disappointed that he didn’t reconsider.
"Having said that I wish him good luck and much success with the Jazz. To me Dwyane will always be a HEAT lifer."
Wade joins former NBA players Grant Hill, Shaquille O'Neal and Michael Jordan as stars with NBA ownership stakes.