For years, Smith has been in talks to acquire the Philadelphia 76ers and has finally struck a deal. He, along with wife Jada Pinkett Smith and several other investors, were approved of the sale Tuesday morning at a press conference. The deal is reportedly for $280 million.
The ownership is led by multibillionaire Joshua Harris, a co-founder of Apollo Global Management which is a private equity group.
Smith’s acquisition only seems fitting as the actor was born and raised in West Philadelphia.
The NBA is currently under a lockout with the first two weeks of the season being cancelled.