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Dwyane Wade buys ownership share of Utah Jazz

Utah Jazz v Miami Heat

MIAMI, FL - DECEMBER 02: Donovan Mitchell #45 of the Utah Jazz and Dwyane Wade #3 of the Miami Heat exchange jerseys after the game at American Airlines Arena on December 2, 2018 in Miami, Florida. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Michael Reaves/Getty Images)

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Dwyane Wade is a #HeatLifer.

Except the time he spent with the Bulls and Cavaliers. And now his ownership stake in the Jazz.

Jazz release:

The Utah Jazz announced that Dwyane Wade, 13-time NBA All-Star and three-time NBA champion, will join its ownership group. The ownership group is the youngest in the NBA and is led by technology entrepreneur and Qualtrics founder Ryan Smith and his wife Ashley who acquired a majority interest in the Utah Jazz in late 2020. The small ownership group has previously consisted of tech leaders, including legendary investor and Accel partner Ryan Sweeney, and Atlassian co-founder Mike Cannon-Brookes in addition to the Miller family. Today they announced the addition of Wade.

“Dwyane is not only a basketball legend, he is also a great leader, businessman, and human being,” said Ryan Smith, NBA governor of the Utah Jazz. “As we continue to build on the incredible legacy of the Utah Jazz franchise, we are excited to add Dwyane’s experience and expertise to the equation. Utah is an amazing place and I couldn’t be more thrilled about the future of the franchise and the future of this state. Dwyane’s influence will be important to both.”

Heat owner Micky Arison:

This is a splashy addition by the Jazz. Wade is a beloved all-time great player.

But Ryan Smith will remain controlling owner. Minority owners usually hold limited influence.

Perhaps, Wade will have more say in Utah. That could explain his decision not to purchase a share of the Heat. Wade also buys into a team that’s good right now and has stars Donovan Mitchell and Rudy Gobert signed long-term.

The NBA reportedly mandates new owners buy at least 1% of a franchise. If the Jazz were valued at the $1.66 billion paid in October, Wade’s minimum buy-in would be $16.6 million.

Despite his wealth, Wade has kept perspective (mostly). He cares about using his money for good causes. That all bodes well for Wade in this new role.