Dwyane Wade had a staggering 16-year career in the NBA that basketball fans will never forget, but it was a decision in 2021 that further cemented his legacy. That year, Wade became a minority owner of the Utah Jazz, a shocking maneuver since the 13-time All-Star had no connections to the team during his playing days.
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Wade made a recent appearance on “The Underground Lounge” with host Lou Williams. Williams asked the three-time NBA Champion how he got involved with team ownership, to which Wade simply replied, “Golf.” He explained that he would host a basketball camp in Northern California, and would occasionally invite bankers and sponsors to speak to the players about investing their money.
The now 43-year-old superstar said this was where he had his first encounter with Jazz owner, Ryan Smith. Smith was one of the camp’s sponsors, and participated in a golfing event that Wade held at the camp.
“One of our sponsors was a guy named Ryan Smith, who at the time owned Qualtrics,” Wade began. “He was the main sponsor. I got a chance to know him. We had a golf event in there. We golfed together 18 rounds, we got to get to know each other.”
Wade added that he and Smith exchanged numbers because he was interested in getting into the tech world once he retired. That exchange paid off for the Miami Heat legend, as he received a phone call years later from Smith’s team.
“That same guy Ryan Smith that owned Qualtrics, just bought the Utah Jazz and he want to talk to you. And that’s kind of how it started,” he revealed.
While it was never publicly disclosed, Wade dished out some serious dough to become a minority owner in the Jazz. Smith bought the team for $1.66 billion in 2021, which means that even if Wade only contributed 0.1%, he would still be in for a minimum of $16 million.
Fast-forward to present day and the Jazz has doubled in its worth, sitting at a $3.5 billion valuation according to Forbes. Safe to say that Wade’s investment has paid off quite mightily.
Wade explained why he chose to purchase the Jazz rather than the team he played most of his career for
A question that many fans wondered was why Dwyane Wade would not attempt to become a minority owner with the Miami Heat, especially after it was offered to him by Micky Arison. Wade appeared on the Dan Le Batard show in 2021 and addressed his decision.
“I’ve never done business with the Miami Heat. I’ve only been a player. So sometimes as a player there are so many emotions you go to. For me, I wanted to clear those out and I wanted to be able to focus on the next phase of my life as a businessman and not bring anything from being a player.” Wade admitted.
Wade has also dipped his toes into the WNBA. He became an investor in the Chicago Sky, a team led by superstar Angel Reese, in 2023. These acquisitions have skyrocketed the Hall of Fame shooting guards’ net worth to a monstrous $170 million according to Clutch Points. The morale of the story…learn to play golf.
