Smiths Invest In Basketball Team

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October 18, 2011 | 6:00pm EST

Will Smith has become a part-owner of his hometown basketball team, the Philadelphia 76ers.
The I, Robot star and his wife Jada Pinkett Smith are among a group of investors who have taken over the struggling franchise.

The deal was unveiled on Tuesday, although it has yet to be revealed how big a stake the Smiths hold.

They’ll have to wait to make their debuts as co-owners at a game – the National Basketball Association league is currently in the middle of a lock-out over a pay dispute between the players and team owners.

The couple joins close pal Jay-Z as celebrity NBA investors – the rapper is a minority shareholder in the New Jersey Nets.