West Philadelphia born and raised turned Hollywood superstar Will Smith, and his wife Jada are now the majority owners of the Philadelphia 76ers. That’s right folks, the super couple are not here to sign autographs and boost merchandise and ticket sales. As majority owners the Smith’s are now responsible for the product that is on the court, which the last few years has been…suspect.
According to the Sixer Sense, a press conference has been called for Thursday morning at the Palestra where the Sixers will introduce their new majority ownership, led by Will and Jada. The couple acquired the majority stake from billionaire Joshua Harris who will now be a minority owner. In response to the ownership transfer Harris said:
My partners and I are thrilled to have an opportunity to be led by such a warm and wonderful Hollywood couple as Will and Jada, who are now majority owners of the Sixers. It is at this critical time that the team is at a perilous crossroads, and requires an ownership leader who is somewhat insulated from the constant tugs and pulls of the Philadelphia community as we navigate construction of a true championship caliber team.
The Smiths certainly have a long road ahead of them. Current GM and president of basketball operations, Sam Hinkie, has stated the 76ers transformation is a seven year rebuilding plan. While it’s too soon to know how involved in the basketball operations the Hollywood couple plan to be, if I was Hinkie I’d be anxious. Rumors have been swirling that newly hired Chairman of Basketball Operations Jerry Colangelo met with the Smiths in Hollywood recently. New ownership often means change.
The team has an estimated value of $700 million, and it is reported that the Smiths shelled out somewhere in the $250 million range for their stake. We don’t know how much of that was out of pocket versus financed, but suffice to say, the Smiths are all in. In a joint statement the couple said:
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. We want to personally thank Joshua Harris for his strong leadership, for turning over an NBA franchise which is just now stepping through the door into a new and winning era, and for giving the city of Philadelphia a fairytale success story which will unfold before their very eyes. We are honored to continue this pursuit of excellence, not just for the championships that await this team, but for the wonderful city of Philadelphia – a city long overlooked for its contributions to professional sports.
Congrats to Will and Jada! Hopefully this means good things to come for 76ers fans. Oh, this could all be an elaborate April Fools joke that picked up steam late…
