Former NBA star Dwyane Wade has purchased a minority ownership stake in the Jazz, according to ESPN’s Adrian Wojnarowski, who reports that Wade plans to “take an active role in the franchise and region.” While it’s unclear how sizeable Wade’s share is, Wojnarowski says that NBA rules prevent an ownership stake from being smaller than 1%.
The Jazz confirmed Wade’s investment in a press release.
Wade is joining an ownership group led by Ryan Smith, who purchased a controlling stake in the Jazz from the Miller family in 2020. According to Wojnarowski, Wade met Smith shortly after his retirement as a player in 2019, and the two became fast friends.
“It wasn’t like we wanted more partners; that wasn’t what we were trying to do,” Smith told ESPN. “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.”
Wade, who won three championships as a member of the Heat, has long talked about his interest in joining an NBA ownership group. While Miami would be an obvious fit, Wade didn’t say whether he and the Heat had serious discussions about the possibility, per Wojnarowski.
Heat owner Micky Arison said in a pair of tweets that he and Wade had previously discussed the idea of having him join the team’s ownership group, but that the veteran guard wasn’t prepared to commit at that time. Arison wished Wade “good luck and much success” with the Jazz, adding that he’ll always consider him a “Heat lifer.”
“The respect that I have for that organization will not go anywhere, the love that I have for the (Heat) fans — that goes nowhere,” Wade said. “But this is about the next phase of my life as an investor, a businessman, an entrepreneur. For me, this is an opportunity to grow.”
Wade envisions having a role in the basketball side of the franchise, according to Wojnarowski, who notes that the former Heat star is good friends with Donovan Mitchell. Participating in free agent meetings or counseling individual players are ways that Wade could become involved with the club, Woj adds. The 39-year-old also hopes to contribute more than just his basketball knowledge.
“Unfortunately, people in my community don’t get this opportunity, and I do not take it lightly to have this opportunity,” Wade said. “To make real change, this is where you have to be — at the top — and Ryan knows that. I’m thankful for him, and I know too that I bring a lot to this partnership outside of just my basketball knowledge and skills.”
Photo courtesy of USA Today Sports Images.
19 thoughts on “Dwyane Wade Joins Jazz Ownership Group”
Imagine being active with around 1 percent of a share. Almost as insignificant as lebrons minority share of Red Sox
Translation of Mickey arison “wade was hoping we would cut him a deal to be a part owner of the heat based on his name and history with heat. Unfortunately, at this time wade wasnt able to collect enough pennies to be able to afford the bare minimum share.”
Wow why you so bitter?
You do realize there is more to ownership than being in charge of decisions, right? The reason minority share owners exist is because the value of franchises have kept increasing over the years. Just look at Glenn Taylor and the Timberwolves and what he paid for it vs what he sold it for.
I’d love to be a 1% owner of any franchise of the 4 major sports.
Are you envious that even with your privilege you don’t own anything???
lol facts..these players just want the headlines and make people think they own a big part like lebum.
Only thing the article says is that somebody can’t purchase less than a 1% share.Doesn’t actually say anyone only owns 1%.
With that said,i’d be pretty excited to own 1% of any NBA,MLB,NFL,or NHL team.
Have to wonder if he is angling for a comeback season in Utah…
No, you really don’t
Heat 1% cost more than Jazz 1%, simple.
Congrats to him. I’m a little upset. The Heat should have found a way to accommodate him. Maybe ots b/c of the pandemic. Still wondering why his statue hasnt been put outside the arena yet. With the way things are in Utah, I’m especially surprised by this, but maybe he thinks he can change things, based on his statement. Good luck with that. At least it’s a great organization, and I’m happy for him, but I just thought he would be here with Zo, Shane Battier, and eventually UD in similar capacity into the future…
Well said. The same sentiment here.
Is this the gods getting back at us for having Derek Jeter and Michael Jordan as minority owners of the Marlins?
I wish D-Wade the best though. As Micky says, he will always be a Heat Lifer and Miami-Dade will always be Wade County.
Why should any team feel like that? Stars like Wade come in with God given talent, hold a gun to the owners head for every last Penny and the guy who payed that same player now should have to give up part of his team? That is ridiculous, they have so much entitlement now it is crazy. If he wants to be accommodated he needs to call a hotel.
Wade is a man who earned everything. The only thing you earned is the use of your parents credit cards…
Now might be an interesting opportunity for me to test out this new function…although I’m not one to block people, so probably not
Pretty sure you dont even know who Dwyane Wade is, based on this comment
this hurts as a Heat fan.. a lot. Almost betrayal levels (like when he went to the Cavs)….. Micky Arison would have given him any % he wanted to buy and let him be groomed by Pat Riley the same way Shane Battier is right now. I don’t get it.. I don’t get it at all.
D-Wade Could Mentor Donavan More
D-Wade: #1 = Change the team name.