A second Dwyane has transitioned into a new career. Former Miami Heat basketball player Dwayne Wade has bought an ownership stake in the Utah Jazz, ESPN reported.
Wade is joining Ryan Smith, co-founder of Qualtrics and majority owner of the Jazz, as a part of the youngest ownership group in the league. The partnership is another goal the 13-time NBA All-Star has reached. Discussions about doing business with Smith, initially a tech billionaire, began shortly after the former player retired after a 16-season career in the league.
“This goes way beyond the dream I had to just play basketball in the NBA,” Wade said. “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 –, and Ryan knows that” he continued.
Professional sports team ownership is rare among people of color, particularly African-Americans. While Wade, Shaquille O’Neal, and Grant Hill have minority stakes in NBA teams, the only majority owner is Michael Jordan. He purchased the Charlotte Bobcats (now Charlotte Hornets) for a reported $275 million back in 2010.
After purchasing the Jazz for $1.66 billion, Smith mentioned Wade joining the ownership group. In 2019, as he was interested in becoming a part of Miami Heat leadership, an agreement couldn’t be reached.
On Twitter, however, Heat owner Micky Arison said he was disappointed that the former all-star did not “reconsider” his former team before coming to a decision. The Miami Heat was the final team he played for before he retired.
I want to congratulate Dwyane on his recent announcement. We had discussed having him join our ownership group after his retirement but he was not prepared to commmit at the time. Of course I am disappointed that he didn’t reconsider. 1/2
— Micky Arison (@MickyArison) April 16, 2021
Ryan expressed hopefulness and confidence in his new business partner. “It wasn’t like we wanted more partners; that wasn’t what we were trying to do. I want to work with Dwyane on and off the court, on the business side, and so do our partners — because of who he is as a human being and what he’s accomplished. Those are the kinds of people you want around,” he said.
Similarly, Dwyane is happy to be in partnership with an owner who has a progressive outlook and is dedicated to giving underserved opportunities that they usually would not receive. Smith has been a proponent of the Black Lives Matter movement and pledged a 4-year college scholarship to one student for every Jazz win this season.
The value of Wade’s stake has not been specified, but he is expected to have a hands-on role in the franchise and the region.
