Philadelphia, Pennsylvania emcee-turned-actor Will Smith (f/k/a The Fresh Prince) is part owner of his hometown’s NBA team, the 76ers. Will and Jada Pinkett Smith hold a stake in the Joshua Harris ownership group. The member of DJ Jazzy Jeff & The Fresh Prince and his wife were on hand at the city’s Palestra this morning (October 18) to confirm the deal.

Comcast Sports Network Philadelphia confirms that the new group fired acting Sixers general manager Ed Stefanski will be replaced by Rod Storn. Additionally, Harris’ group promised to reduce ticket prices by over 50%.

Will Smith joins another late 1980s emcee, Jay-Z, who is a part owner of the New Jersey Nets, a team that the Brooklyn, New York rapper-turned-mogul will be moving to his hometown as well.