Dwyane Wade buys ownership stake in Utah Jazz

Two years removed from his soon-to-be Hall-of-Fame career, Dwyane Wade has joined the exclusive group of former athletes who have become owners of professional teams. On Friday, the Utah Jazz announced that Wade had joined majority owner Ryan Smith with an ownership stake in the club.

Wade, 39, will become a first-time owner of a professional sports team. Joining former superstars Michael Jordan (Hornets), Shaquille O’Neal (Kings), Eenee Montgomery (Dream – WNBA), and recently announced owner Alex Rodriguez (Timberwolves), Wade will become the latest athlete to transition from a spot in the locker room to a spot in board meetings.

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.

Dwayne Wade made $ 196 million playing basketball.

Wade’s specific stake in the team has not yet been disclosed. Still, Wade would know about what it takes to be a part of a winning franchise. As a member of the Miami Heat for over 15 seasons, Wade won three NBA titles, one Finals MVP, and was named an all-star 13 times. Utah is currently the best team in the NBA, sitting atop the Western Conference with a 41-14 record.