Smith, Jada buy stake in NBA team

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

Updated on: Oct 21, 2011, 02:39:57 IST

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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. The 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 USD 280 million, which Forbes magazine values it at USD 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.

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