Tuesday, October 18, 2011

Will Smith buys stake in Philadelphia 76ers

By The Hip Hop Writer
Hip Hop Vibe Staff Writer

While the NBA does not seem to have reached any agreement, business moves are still being made. When the NBA does return, one of the league's oldest franchises will have new owners. The Philadelphia 76ers, a charter franchise of the NBA, recently gained a couple of new part-owners.

The Philadelphia 76ers were up for sale, last season. Multimillionaire, Joshua Harris, led an investment team, which included Will Smith and his wife, Jada Pinkett Smith. Being from Philadelphia, Will Smith grew up being a fan of the Sixers. Now, things have come full circle for him, as he is now an owner of the team.

Ever since Willow Smith signed to Roc Nation, Will Smith has been working with Jay-Z. Already known for his business acumen, Smith has followed in Jay-Z's footsteps. Jay-Z has been a minority owner of the relocating New Jersey Nets for nearly seven years. Now, Will Smith and Jada Pinkett Smith will own an undisclosed percentage of the Sixers.


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