NBA legend Dwyane Wade acquires a stake in Utah Jazz

Dwyane Wade # 3 of the Miami Heat blows on his hand during the team’s shooting prior to the game against the Utah Jazz at Vivint Smart Home Arena on December 12, 2018 in Salt Lake City, Utah.

Chris Gardner | Getty Images

Dwyane Wade, 13-time NBA All Star and three-time NBA Champion, is joining Utah Jazz’s group of owners, the jazz announced on Friday.

The terms of the transaction were not disclosed.

Wade will join the group of owners led by tech entrepreneur and Qualtrics founder Ryan Smith and his wife Ashley, who acquired a controlling interest in Utah Jazz in late 2020.

“Shortly after Smith acquired Utah Jazz, he and Wade began talks about Wade joining the Utah Jazz Ownership Group and Smith Entertainment Group (SEG), the first of many joint business ventures,” a Utah statement said Jazz.

“As a kid from the south side of Chicago, this partnership goes beyond my wildest dreams of basketball and I hope to inspire the next generation of dreamers,” Wade said in a statement.

Wade joins a growing list of current and retired athletes who have invested in sports teams around the world. Earlier this week, former Yankees star Alex Rodriguez, along with former Walmart e-commerce CEO Marc Lore, bought the Minnesota Timberwolves for $ 1.5 billion.

Correction: Updated this story to remove any mention that Smith’s group of owners is the youngest in the NBA.