Will and Jada Pinkett Smith buy minority stake in NBA basketball team

New York, Oct 19 (ANI): 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 280 million dollars, which Forbes magazine values it at 330 million dollars 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. (ANI)

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