Like many great players who have since retired from the NBA, Dwyane Wade developed a new passion for business after retiring, which eventually led to him purchasing a minority stake in the Utah Jazz.
Wade made a move in 2021 that, according to AfroTech, becomes better with time. When the former Miami Heat player joined the ownership group, the team was valued at $1.75 billion.
As of now, that figure stands at $3.46 billion, according to a Boardroom Instagram post.
Wade stated on social media at the time of the agreement, “Go so far that you can’t hear them anymore if people are doubting how far you can go. The second act has begun.”
According to Sporting News, Dwyane Wade and majority owner Ryan Smith’s friendship, which started on the golf course, was what made the deal possible.
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Smith, a billionaire whose fortune was established after becoming the co-founder of experience management company Qualtrics, met Wade on the golf course shortly after the Chicago, IL, native’s announcement that he was retiring from the NBA in 2019.
“We share the same vision and beliefs, so partnering with Ryan and the Utah Jazz is the right fit,” Wade said in an official statement at the time of the announcement, according to The Sporting News.
This group is dedicated to creating a more open and equitable society with its platform, in addition to its goal of constructing a championship franchise.
Additionally, Heat owner Mickey Arison said that he had discussed with Wade at the time the possibility of the former player adopting a similar attitude with the team he had won three NBA championships with, but the two sides were unable to make their agreement hold.
Arison told the newspaper, “We had discussed having him join our ownership group after his retirement, but he was not prepared to commit at the time. Naturally, I’m unhappy that he didn’t change his mind”.