Dwyane Wade Buys Ownership Stake in Utah Jazz
Dwyane Wade wrapped up a legendary playing career when he retired in 2019.
His NBA career will now continue on the ownership side, as he has purchased an ownership stake in the Utah Jazz, according to multiple reports.
Wade, a three-time NBA Champion and 8-time All-NBA player, is close friends with Ryan Smith, the majority owner of the Jazz, who purchased the team for $1.66 billion six months ago.
Ownership stakes must be a minimum of 1%, per NBA bylaws.
The amount of ownership stake Wade purchased in the Jazz has not been reported yet.
Per an ESPN report, Smith has been working with Wade on purchasing a stake in the team since Smith bought the franchise in October.
Wade joins a small fraternity of former NBA players who have ownership stakes in franchises such as Michael Jordan, who is the majority owner of the Charlotte Hornets, and other former greats who have minority ownership in teams like Shaquille O'Neal with the Sacramento Kings, Grant Hill with the Atlanta Hawks, and Magic Johnson with the L.A. Lakers.