Will Smith Becomes Minority Owner

American music and movie star,Will Smith, a Philadelphia native and wife, Jada Pinkett Smith, are officially minority shareholders of the 76ers NBA team in a deal that was confirmed by the league over the weekend.

The “Men In Black” star and his wife are part of an ownership group that includes a former NBA executive, leveraged buyout specialist Josh Harris and an Indonesian media magnate, according to the league’s website.

The group takes ownership from Comcast-Spectator, which, led by chairman Ed Snider, purchased the team in 1996.

“This is one of the hardest business decisions I’ve ever had to make,” Snider said in a statement. “The Sixers are family, and it is very difficult to say goodbye to an organization of great people with whom we have worked so closely over the last 15 years.”

Forbes magazine valued the team at $330 million this year – which is 17th in the league. The Philadelphia Daily News reported that the new owners paid about $280 million.

The Smiths join rappers Jay-Z, Nelly and Usher as entertainers-turned-part NBA owners with the investment.

Smith was rumored to be part of a group interested in purchasing the group as far back as 2006, according to the Philadelphia Inquirer. That group was assembled by Julius Erving.

—Bamidele Olowosegba