08/29/2006 AT 09:00 PM EDT
Nick Lachey and A.J. DiScala have long been friends, and now they're business partners in the perfect venture: The two sports fans are starting a basketball team.
They, along with other celebrity investors, on Tuesday announced the formation of the Hollywood Fame, a new team that will join the American Basketball Association.
The Fame will launch its inaugural season in November with home games at the Los Angeles Sports Arena.
Player tryouts were held on Tuesday, and another round is planned for September to fill any remaining spots on the squad and hire cheerleaders.
DiScala, the former husband and manager of Sopranos actress Jamie-Lynn Sigler, said in a statement, "We're excited about the Hollywood Fame bringing highly skilled basketball players to the fans of Los Angeles. We are creating a unique family entertainment option at affordable prices."
Other Fame owners include actor Geoff Stults (7th Heaven and The Break-Up), Dancing With the Stars' Stacy Keibler, NBA legend John Salley, former Major League Baseball All-Star Brady Anderson, Baltimore Ravens quarterback Kyle Boller and NASCAR's Brian Vickers.
According to the ABA, the association will see more than 60 teams beginning play in November, including teams in the U.S., Mexico and Canada.