The 43-year-old Philadelphia native, along with his wife Jada Pinkett Smith, 40, have announced they are part of an ownership group that includes a former NBA executive, billionaire Joshua Harris, and an Indonesian media magnate, who acquired the franchise from Comcast-Spectacor.
The NBA Board of Governors voted unanimously to approve the sale.
It's not yet known how large a stake the Men in Black star and his wife will have.
The Smiths join stars such as rapper Jay-Z as entertainers-turned-part NBA owners with the investment.