By: April Carson
Retired NBA star David Robinson has won accolades for his humility and charity work, but that hasn't stopped him from pursuing a new career. Robinson has taken to private equity like a fish to water, according to colleagues.
His team at Admiral Capital Group, which manages about $1 billion in assets, recently closed on the purchase of a majority stake in a fitness club operator. The deal, which Robinson had been working on for months, is the latest sign that the former San Antonio Spurs center's second act--much like his basketball career--is off to an impressive start.
"He is really taking the ball and running with it," said Robert Smith, who co-founded Admiral Capital in San Antonio with Robinson and sports agent Jimmy Sexton about three years ago.
For 14 seasons, David Robinson succeeded on the basketball court. He won two NBA titles with the San Antonio Spurs and was named MVP in the 1994-95 season, when he led the league in scoring with 29.8 points per game. The previous season, he paced the league in scoring average of 29.8 points per game.
He won two gold medals while playing for the United States Olympic men's basketball team. To round out his career, he was inducted into the Basketball Corridor of Fame in September 2009. He has always had a passion for basketball.
Robinson's post-playing career, in any case, is undoubtedly more illustrious. In 2007, he launched Admiral Capital to focus on personal fairness and genuine property offerings that may "make a positive social impact," according to the company's language.
The United Providers Vehicle Association and the Texas Instructor Retirement System were among his early partners.
The firm has continued to grow its portfolio, working with several well-known names. Academy Sports + Outdoor, United Expertise Company, hospitality business Centerplate, and Krossover are a few of the organizations that it has teamed up with. The grocery chain has also invested in the meals business, acquiring the rights to Blaze Pizza—a company financed by LeBron James—and Jimmy John's locations in San Antonio.
Admiral Capital also has real estate assets in 13 states, ranging from condominium complexes to retail locations to business buildings.
The firm has experienced a boost in client service and development, which has complemented the financial influence. Admiral Capital has been involved in more than 50 offers, investing about $300 million along the way. As a result, the business has seen a transaction value of $1.5 billion—mainly as a result of increased revenue.
Admiral Capital also contributes 10% of its profits to help decrease poverty in communities and education. Robinson has also co-founded Carver Academy, a constitution college system with over 100 campuses in San Antonio, and is on the advisory board of Blueprint Native to raise money for underserved and rebuilding regions.
Robinson has also made some smart personal purchases. He bought 1.88 percent of the Spurs in 2004 for around $5.2 million, which means he undoubtedly paid less than $50 million for his entire stake. The Spurs have a current value of $1.9 billion, so Robinson's investment is worth roughly $36 million today.
Robinson and Admiral Capital are remaining nimble. And just as he did on the court, former NBA great Robinson is finding enjoyment in the corporate world.
"I have a good life," he says. "I'm not doing it for the money." Robinson is also savvy when it comes to his own finances. He lives on about 5 percent of his net worth and doesn't own a big house or fancy cars. He sold all of his stock, which he bought at "low prices," in 2007 and 2008 because he thought the market was inflated and headed for a fall.
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About the Blogger:
April Carson is the daughter of Billy Carson. She received her bachelor's degree in Social Sciences from Jacksonville University, where she was also on the Women's Basketball team. She now has a successful clothing company that specializes in organic baby clothes and other items. Take a look at their most popular fall fashions on bossbabymav.com
To read more of April's blogs, check out her website! She publishes new blogs on a daily basis, including the most helpful mommy advice and baby care tips! Follow on IG @bossbabymav
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