It's well known that Will Smith was born and raised in West Philadelphia. He spent much of his time on the playground, often "chillin' out maxin' relaxin' all cool" and playing basketball outside his school.

Considering his upbringing, it is natural Smith would keep the 76ers near and dear to his heart. The 43-year-old actor, producer and rapper can now add minority owner to his resume after he and his wife, Jada Pinkett, were announced as part of the new ownership group of the NBA's Sixers on Tuesday.

Neither Smith nor his wife were present at Tuesday's news conference in Philly, where new owner Joshua Harris was introduced to the public. Harris immediately made fans happy, announcing the team would cut ticket prices by 50 percent or more on roughly 9,000 seats for each home game.

Smith becomes the fourth musical artist who now owns a piece of an NBA franchise, joining Jay-Z with the Nets, Usher with the Cavaliers and Nelly with the Bobcats.