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Rediff.com  » Sports » Will Smith, wife buy minority stake in NBA team

Will Smith, wife buy minority stake in NBA team

October 20, 2011 09:32 IST

Hollywood celebrity couple Will Smith and Jada Pinkett Smith have bought a minority stake in NBA basketball team Philadelphia 76ers.

According to the league's website, 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.

Will and Jada Pinkett-SmithThe group takes ownership from Comcast-Spectator, which purchased the team in 1996, the New York Daily News reported.

According to the Philadelphia Daily News, the new owners paid about $280 million, which Forbes magazine values it at $330 million this year.

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

The Philadelphia Inquirer reported that Smith was rumoured to be involved in a group assembled by Julius Erving to purchase the team since 2006.

Source: ANI