Justin Timberlake: I Support Lance

07/27/2006 at 12:40 PM EDT

Justin Timberlake says his former 'N Sync bandmate, Lance Bass, who reveals that he's gay in the new issue of PEOPLE, has his support.

"Lance is one of my great friends," Timberlake said in a statement issued by his rep, Ken Sunshine. "I support him and wish him all the happiness in the world."

Bass, 27, tells PEOPLE he hesitated to come out during his time with 'N Sync: "I knew that I was in this popular band, and I had four other guys' careers in my hand, and I knew that if I ever acted on it or even said (that I was gay), it would overpower everything."

Another former 'N Sync-er, Joey Fatone, tells PEOPLE, "He took years to really think about how he was going to tell everyone. I back him up 100 percent."