Dwayne Wade/Photo Courtesy of Variety
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.
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.