Will Smith and Jada Pinkett Smith are following in the footsteps of Jay-Z, Nelly and Usher: supplementing their entertainment careers with part ownership of an NBA team. In a deal that was confirmed by the league on Tuesday, the two have officially taken minority stakes in the Philadelphia 76ers.
The couple is part of an ownership group that includes a former NBA executive, leveraged-buyout specialist Josh Harris and an Indonesian media magnate, the New York Daily News reports. The group takes ownership from Comcast-Spectator, which, led by chairman Ed Snider, purchased the team in 1996.
The Philadelphia Daily News reported that the new owners paid about $280 million.
Apparently the players see the value in owners whose celebrity status lets them offer more than just money to the organization: Guard Evan Turner posted his approval on Twitter: "I think it's dope that the fresh prince is one of our new owners. Maybe Willow can perform at halftime."
Read more at the Daily News.
In other news: Jay-Z and Buffett's Financial-Literacy Video.
Like The Root on Facebook. Follow us on Twitter.