Jada Pinkett-Smith and Will Smith Jada Pinkett-Smith and Will Smith

The Fresh Prince of Bel-Air once rapped: "In West Philadelphia, born and raised ..." Well, now he's a part owner of the city's pro basketball team. Will Smith and wife Jada Pinkett Smith have become shareholders of the Philadelphia 76ers.

Check out photos of the couple here

The Hollywood power couple are part of a 15-person group — led by multibillionaire Joshua Harris and David Blitzer, a senior managing director of global private equity giant Blackstone Group — that purchased the franchise from Comcast-Spectacor, owners for the last 15 years.

Will Smith and Jada Pinkett Smith: We are still together

In August, it was reported that the 43-year-old actor and his wife of 14 years were splitting up, but the couple adamantly denied these rumors.Meantime, the labor dispute that has scuttled the first two weeks of the regular season continues.

NBA cancels first two weeks of season

magazine valued the team at $330 million this year — 17th in the National Basketball Association. The Philadelphia Daily News reported that the new owners paid a total of some $280 million.

The Smiths join Jay-Z, Nelly and Usher as entertainers turned part owners of an NBA team.