NBA Star Leads Investment in Low-Income Communities
December 6, 2019
Basketball Hall of Famer David Robinson, co-founder of Admiral Capital Group, is helping to raise $50 million for a new investment fund designed to help develop economically depressed neighborhoods in Texas.
The retired San Antonio Spurs legend is a successful investor and philanthropist with a long history of giving back to communities across Texas. He will be partnering with Blueprint Local, a new venture designed to strengthen local communities by injecting capital into “Opportunity Zones.”
Opportunity Zones, a federal tax provision established under the Tax Cuts and Jobs Act of 2017, offers investors preferential tax treatment on investments in designated distressed communities. The goal of the partnership between Robinson and Blueprint Local is to use capital as a tool to boost local economies in disinvested neighborhoods.
“I’d say if you had capital gains and you want to transfer some of that money without paying the capital gains, it’s an unbelievable investment,” said Robinson.
“It’s an opportunity to invest locally and build communities without taking that money out of the communities, whereas somebody who builds a Home Depot or a new hotel or something, that money might go back to New York. What we’re doing is we’re trying to keep a lot of that money in the communities.”
Robinson is the founder of Admiral Capital Group, a real estate and private equity firm with a strong commitment to responsible, inclusive community development and focus on improving education and creating positive social impact. The company has also received support from numerous other pro-athlete impact investors, including Baron Davis, Shane Battier, Tony Parker, Zach Ertz, Justin Tuck and Brandon Graham.
A graduate of the U.S. Naval Academy, known as “The Admiral” throughout his 14-year NBA career, the 10-time NBA All-Star and two-time NBA champion is also co-founder of Carver Academy, a faith-based private school that serves about 10,000 pre-K through 6th grade students from diverse socio-economic backgrounds. With 24 charter schools already, Robinson aims to open 40 schools in the next four years.