Tuesday, May 13, 2014

Magic's Business Partner Refutes Donald Sterling Comments

Turner Impact CEO Bobby Turner with his partner Magic Johnson

Bobby Turner, who was Earvin “Magic” Johnson’s business partner from 2000-2013, refutes embattled LA Clippers owner Donald Sterling’s insulting comments about Magic during his explosive interview with CNN’s Anderson Cooper. Sterling questioned why Magic was revered as a legend and what he he had done for the black community. 

Turner, who is now CEO of Turner Impact Capital, and Magic Johnson partnered to raise and invest $2 billion of equity in the Canyon Johnson Urban Funds. The purpose of the funds, which are estimated to have facilitated $6 billion in revitalization, is to revitalize densely populated ethnically diverse communities in urban America by building affordable work force housing and providing much needed services and amenities for these traditionally under-served communities.

“Magic’s impact far exceeds the investment dollars of our funds. He played a pivotal role in educating institutional investors on the merits of investing in urban markets, “said Turner. “He put his reputation, time, energy, and capital on the line for this venture.”

Turner created a large part of their success to Johnson’s fundamental understanding of what the urban consumer wanted and his passion for improving urban communities throughout America. The funds calculate they were responsible for the creation of more than 10,000 jobs, 5000 units of affordable housing, and millions of feet of retail and commercial space in the inner city. 

Turner said, "As a result of our investment, tens of millions of dollars flowed into urban coffers as a result of the incremental wage, sales, and real estate taxes. This in turn allowed cities to provide much needed social services for their citizens. 


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