Dwyane Wade, 13-time NBA All Star and three-time NBA champion, is joining the ownership group of the Utah Jazz, the Jazz announced Friday.
The terms of the transaction were not disclosed.
Wade will join the ownership group 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.
“Shortly after Smith acquired the Utah Jazz, he and Wade began conversations about Wade joining the Utah Jazz ownership group and Smith Entertainment Group (SEG), the first of many joint business ventures,” a statement from the Utah Jazz read.
“As a kid from the south side of Chicago, this partnership goes beyond my wildest dreams of playing basketball, and I hope to inspire the next generation of dreamers,” Wade said in a statement.
Wade joins a growing list of athletes, current and retired, who have invested in sports teams across the globe. Earlier this week, former Yankees star Alex Rodriguez joined former Walmart e-commerce CEO Marc Lore to buy the Minnesota Timberwolves for a reported $1.5 billion.
Correction: This story was updated to remove mention that Smith’s ownership group is the youngest in the NBA.
Source: Business - cnbc.com
