Will Smith Becomes Philadelphia 76ers Minority Owner

Step aside, Jay-Z: Philadelphia's got its own superstar rapper running part of its basketball team. Will Smith has acquired a minority stake in the Philadelphia 76ers along with his wife, Jada Pinkett Smith, it was announced on Tuesday (Oct. 18).

According to CSN Philly, the couple acquired part of the team as it was being sold from Comcast-Spectacor to a group of investors led by multibillionaire Joshua Harris. Harris held a press conference at the Palestra on Tuesday morning to announce the plans of the team's new ownership. "It is an honor to become part of this storied franchise. We have a lot of work to do, but we have a rich history, a strong foundation and a bright future," says Harris.

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The NBA, sadly, is still in the midst of a lockout, and the first two weeks of the 2011-12 season have been canceled.

Smith is a Philly native that attended Overbrook High School in West Philadelphia. Jay-Z became part owner of the New Jersey Nets -- soon to be the Brooklyn Nets -- in 2004; last month, he announced that he would open the team's first season in Brooklyn with a series of concerts next year.

Smith is already getting some rave reviews from the players -- Sixers guard Evan Turner posted on Twitter on Tuesday, "I think it's dope that the fresh prince is one of our new owners. Maybe Willow can perform at halftime."