Dwayne Wade Purchases Part Ownership of Utah Jazz Team

Photo by Tim Reynolds

In 2020, tech billionaire Ryan Smith and his wife Ashley purchased a large stake in the ownership of Utah Jazz basketball team for $1.66 billion, which Dwayne Wade also agreed to join in the team’s ownership group, Black Enterprise reported.

“As we continue to build on the incredible legacy of the Utah Jazz franchise, we are excited to add Dwayne’s experience and expertise to the equation,” Smith said in a statement in the article.” 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.”

In 2019, Wade hung up his jersey and retired from the NBA after a 16-year career.  He primarily spent his career with the Miami Heat, also playing for the Chicago Bulls and Cleveland Cavaliers.

“The respect I that I have for that [Heat] organization will not go anywhere, the love that I have for the [Heat] fans — that goes nowhere,” Wade told ESPN. “But this is about the next phase of my life as an investor, a businessman, an entrepreneur. For me, this is an opportunity to grow.”

Wade is part of a growing list of other retired basketball legends who have NBA ownership stakes, according to the article. His youth role model, Michael Jordan, is a majority owner in the Charlotte Hornets, according to the article.

“I’m a living example that fairytales do come true,” he shared with The Salt Lake Tribune. “I’m excited about what this not only does for the NBA, but what it does for the little boys and girls out there that look like myself.”

Read the full story here.

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