Dwyane Wade has purchased an ownership stake in the Utah Jazz, with the 13-time NBA All-Star joining the youngest ownership group in the league.
The group is headed by technology entrepreneur Ryan Smith, who along with his wife, Ashley, acquired majority interest in the Jazz in late 2020.
Wade and Smith have known each other for several years and had discussed working with each other in various capacities.
"Dwyane is not only a basketball legend, he is also a great leader, businessman, and human being," Smith said in a statement.
"As we continue to build on the incredible legacy of the Utah Jazz franchise, we are excited to add Dwyane's experience and expertise to the equation. Utah is an amazing place and I couldn't be more thrilled about the future of the franchise and the future of this state. Dwyane's influence will be important to both."
Wade played 16 NBA seasons with the Miami Heat, Chicago Bulls and Cleveland Cavaliers before retiring after the 2018-19 season. He won three NBA titles and had his No 3 jersey retired by the Heat in February 2020.
"Partnering with Ryan and the Utah Jazz is the perfect fit as we share the same vision and values," Wade said. "Not only is this group focused on building a championship franchise, 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 the same places in life."
Wade is the latest of several Hall of Fame-level players with NBA ownership stakes, including Grant Hill (Atlanta Hawks), Shaquille O'Neal (Sacramento Kings) and Charlotte Hornets majority owner Michael Jordan. Magic Johnson previously had a four per cent stake in the Los Angeles Lakers.