Some investments don’t pan out, but it seems at least one made by former NBA player Dwyane Wade has.
In 2021 Wade invested an undisclosed amount into NBA franchise Utah Jazz. Now, as of 2023, the Utah Jazz reached a valuation of $3.09 billion, according to Statista. This figure represents a significant increase of over 50% from the previous year’s valuation of $2.025 billion.
Inside Wade’s Strategic Investments
One key development contributing to the Jazz’s financial growth is the team’s strategic approach to local broadcasting. Following AT&T SportsNet’s exit from the regional sports network business, the Jazz unveiled a new broadcasting plan that involved a combination of over-the-air broadcast on KJZZ and the launch of a dedicated streaming service named Jazz+.
The introduction of Jazz+ grants the Utah Jazz complete control over its local broadcast rights, catering specifically to fans within a 150-mile radius of the Delta Center, which spans parts of Idaho and Wyoming. This service offers various subscription options, including individual game purchases, monthly subscriptions, and yearly packages that come with additional perks like home game tickets.
Furthermore, the Utah Jazz’s ownership group, which includes Wade, has played a significant role in the team’s financial trajectory, TK reported. When Wade became an investor three years ago, the franchise’s valuation was $1.75 billion.
The majority owner is Ryan Smith, co-founder of Qualtrics, who reportedly persuaded Wade to invest after they bonded over golf, The Sporting News reported.
“Partnering with Ryan and the Utah Jazz is the perfect fit as we share the same vision and values,” Wade shared in an official statement of the news at the time. “Not only is this group focused on building a championship franchise, but they are also committed to using their platform to do good and actively create a more inclusive, equitable world. We share a lot of the same goals and are trying to go to the same places in life.”
Wade has other investments as well. In 2023 he invested in WNBA team Chicago Sky, the new home to college b-ball standout Angel Reese. The amount is also undisclosed.
In the non-sports arena, he founded wine company Wade Cellars in 2014. Then there’s the entertainment production company he co-founded, 59th and Prairie Entertainment, which produced Netflix’s “The Redeem Team,” in 2023. It documents the story of the 2008 US Olympic men’s basketball team and won the Sports Emmy for Outstanding Long Documentary.
And, Forty-Three is a ghost kitchen concept company that he launched in 2021 with Miami Heat teammate Udonis Haslem. Under the venture are D. Wade Burgers and UD Wing. And with his wife, actress Gabrielle Union, he launched in 2022 Proudly, a baby care company focused on Black and brown babies. The products can be found in Target. And with fellow athletes tennis champ Serena Williams and football star Drew Brees, he co-founded Mission sports clothing company.
He has also made investing a family tradition. Wade’s 5-year-old daughter Kaavia James Union Wade already involved as a part-owner of Angel City Football Club.