Dwyane Wade was once sued by his business partners for $25 million in damages after he pulled out of a deal concerning a restaurant chain.
Dwyane Wade has accumulated generational wealth in the 16 years he spent in the NBA. in those 16 seasons, he gained $196 million in contracts but was savvy enough to realize that true wealth is obtained from endeavors that are separate from what he does on NBA hardwood.
Wade is quite the prolific investor, participating in investment rounds for companies like Stance, Taft, and most recently, Jomboy Media. However, prior to him actually getting a hang of the business side of things, he made quite the unfortunate deal with two business partners, Mark Rodberg and Lauren Hollander.
Back in 2010, D-Wade planned to open up a chain of restaurants in Miami using his likeness in partnership with the two aforementioned people. The deal had Wade rake in 10% of the profits and Marcus Andrews, a friend of his, take 2%.
The deal eventually went sour due to Dwyane Wade pulling out as he felt Richard von Houtman, a man Rodberg had brought into the fold, was not fulfilling his duties. He also claimed that Rodberg refused to do a 70-30 split instead of the 88-12 split.
Dwyane Wade got sued for $25 million by his former business partners.
With Dwyane Wade not being satisfied with the way his likeness was being used in the two chains that had already been constructed, the eventual 3x champ pulled out. This led to his business partners to go all out and drag him into an agonizingly long court case by suing him for $25 million.
The testimony regarding this case lasted for 9 hours and eventually, the suit was settled for an undisclosed amount coming from Wade’s side. When talking about it, Wade said it was an experience he did not enjoy but learned quite a bit from it at the end of it all.
“The biggest thing is just justice, understanding that the things that were claimed, the things that were said about; they aren’t true. I understand being in the limelight like I am that things like that are going to happen. I’m not going to back down from it, especially when I know I’ve done nothing wrong.”