Money Moves August 24, 2022 at 01:00 pm

Highlighting the many businesses of three-time NBA champion Dwyane Wade

Abu Mubarik August 24, 2022 at 01:00 pm

August 24, 2022 at 01:00 pm | Money Moves

Photo credit: Chris Gardner | Getty Images

Dwyane Wade is a retired NBA player who at the peak of his career won three NBA championships. Growing up, Wade started doing drugs and to avoid gang life and drugs, he took to basketball throughout his high school years at Harold L. Richards High School in Oak Law.

He continued to Marquette University, where he led the team to their first Final Four appearance in 25 years. He was drafted by the Miami Heat in 2003 and chose to leave Marquette during his senior year after an exception was made for him because universities usually require that a student complete graduation before retiring a jersey.

It was at the Miami Heat that Wade won three NBA championships. First in 2006 and then in 2012, and 2013 respectively. Wade announced his retirement after the 2018-2019 season. 

Wade earned $200 million in salary alone during his 16-year career in the NBA, according to Celebrity Net Worth. And according to Forbes, he makes $17 million annually in endorsements.

While playing in the NBA, Wade was not oblivious of his retirement plans. Following the footsteps of ex-NBA players who became entrepreneurs like Michael Jordan and Shaquille O’Neal among others, he ventured into entrepreneurship and other business moves.

Li-Ning

In 2012, Wade got an offer from Chinese –based sports apparel company Li-Ning to launch his own shoe line. They offered him an equity stake which he described as the “most important deal from a business standpoint.”

He signed a lifetime deal with Li-Ning for an undisclosed fee. New Orleans Pelicans guard CJ McCollum and Miami Heat forward Jimmy Butler joined him on the brand. Also, Minnesota Timberwolves guard D’Angelo Russell joined the sneaker line, according to CNBC Make It.

“It’s a slow build. Athletes are taking chances doing something a little different, he said, adding that “I’m not trying to recreate anything. I’m trying to have a sneaker and apparel business that players are wearing for many years. I want to build something that’s a legacy for my family.”

Wade Cellars

He also started a wine company called Wade Cellars. Wade founded the wine company in 2014, the company says on its website. He started the wine brand in partnership with the famed Napa Valley vintner Jayson Pahlmeyer. Wade’s Cellars portfolio now includes the flagship Wade Cabernet Sauvignon, sourced from Napa’s most iconic vineyards, and the Three by Wade wines, which offer an affordable entry to Rosé, Chenin Blanc, and Cabernet Sauvignon sourced from sustainable vineyards throughout California’s most respected wine regions. 

Media Company

According to CNBC Make It, Wade also has a stake in the media company Players TV.

Baby products company

Wade and Gabrielle Union started Proudly, a company with products for babies and children of color. “[Proudly] is an everyday baby care line created specifically for melanated skin tones. We are truly diverse and representative and couldn’t be prouder about it. #proudly,” Union tweeted.

NBA Ownership

Wade has also joined a list of athletes, current and retired, who have invested in sports teams across the world. He bought an ownership stake in Utah Jazz. According to him, he was influenced by ex-NBA stars like Shaquille O’Neal, Jordan, and Grant Hill among others to own an NBA team.

“This goes way beyond the dream I had to just play basketball in the NBA,” Wade told ESPN. “I’ve seen Shaq do it in Sacramento. I’ve seen Grant Hill do it in Atlanta. I’ve seen Jordan do it in Charlotte. If this partnership is going to be anything like my relationship is with Ryan, there are going to be a lot of things that I’ll want to be involved in…

“Unfortunately, people in my community don’t get this opportunity, and I do not take it lightly to have this opportunity. To make real change, this is where you have to be — at the top — and Ryan knows that. I’m thankful for him, and I know too that I bring a lot to this partnership outside of just my basketball knowledge and skills.”

Conversations

Must Read