Three-time National Basketball Association (NBA) champion Dwyane Wade has bought a stake in the Utah Jazz, the team announced on Friday.

"As a businessman, entrepreneur, and investor, I bring a lot to this partnership outside of my basketball experience," said Wade, 39, in a statement. "I’m excited to help take the Utah Jazz to the next level."

The Jazz top the Western Conference standings, with a 41-14 record.

"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," said tech entrepreneur and majority owner Ryan Smith.

The announcement comes days after news broke that 14-time Major League Baseball (MLB) All-Star Alex Rodriguez and e-commerce billionaire Marc Lore were moving forward with a bid to buy the Minnesota Timberwolves.

Wade joins a roster of high-powered former NBA stars who have purchased ownership stakes in the league, including legend Michael Jordan, who owns the Charlotte Hornets.

The 13-time NBA All-Star spent the bulk of his playing career with the Miami Heat, where he won three championship titles. He retired in 2019.

Micky Arison, the managing general partner of the Heat, took to social media to lament being unable to bring Wade in as a stakeholder in Miami.

"We had discussed having him join our ownership group after his retirement but he was not prepared to commit at the time. Of course I am disappointed that he didn't reconsider," Arison wrote on Twitter.

"Having said that I wish him good luck and much success with the Jazz."