Dwayne Wade Purchases Possession Stake in Utah Jazz; Plans to Use Alternative to Develop Affect
NBA superstar Dwayne Wade has acquired a minority stake in Utah Jazz. The retired Miami Heat Guard is expanding his basketball legacy beyond the field.
“Proud and excited to be part of the Utah Jazz family with Ryan Smith and the rest of the amazing ownership team,” Wade wrote on Instagram. “As a businessman, entrepreneur and investor, I bring a lot to this partnership outside of my basketball experience. I look forward to taking Utah jazz to the next level. “
Dwayne Wade joins the Utah Jazz Ownership Team
Last year, tech billionaire Ryan Smith and his wife Ashley acquired a controlling stake in Utah Jazz. The Salt Lake Tribune reports that Smith bought the franchise for $ 1.66 billion. Smith spoke to Wade about the opportunity to join the team’s ownership group. Wade believed it suited him perfectly and agreed to the deal.
“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. Utah is an amazing place and I couldn’t be more excited about the future of the franchise and the future of this state. Dwyne’s influence will be important to both. “
In 2019, Wade retired from the NBA after a 16-year career. Although he spent most of his career with the Miami Heat, he also played for the Chicago Bulls and Cleveland Cavaliers. The three-time NBA champion and 13-time NBA All-Star is now focused on ways that allow him to go beyond himself. At the same time, he remains true to his love for the Miami Heat.
“The respect I have for it [Heat] Organization is going nowhere, the love I have for them [Heat] Fans – this is nowhere going, ”Wade told ESPN. “But this is about the next phase of my life as an investor, businessman, entrepreneur. For me this is an opportunity to grow. “
Dwayne Wade plans to expand the community impact
Wade joins a list of other retired basketball legends who have NBA ownership. His childhood role model, Michael Jordan, is the majority owner of the Charlotte Hornets. Jordan played an influential role in what Wade defined as possible. Now he seeks to offer more youth opportunities beyond what they see in their neighborhood.
Wade grew up on the south side of Chicago. After his parents divorced, he lived with his father in Robins, Illinois. He saw how many black men fell due to a lack of support and guidance. Wade plans to use this opportunity to support underrepresented youth, including providing scholarships. Jazz owner Ryan Smith is known for giving out scholarships. Wade knows his stake in Utah Jazz will have an impact beyond the court.
“I’m a living example of fairy tales coming true,” he told The Salt Lake Tribune. “I’m excited to see what this means not just for the NBA, but for the little boys and girls out there who look like me.”