Magic Johnson announces partnership and investment to rebuild Detroit

DETROIT (WXYZ) - Hall of Fame NBA star  Earvin "Magic" Johnson has announced that he is partnering with a local firm and will invest millions of dollars to give back to the city of Detroit.

In a news conference Thursday morning at Quicken Loans headquarters, "Magic" announced that he is making good on a promise he made to Detroit Mayor Dave Bing to invest in the city.

Detroit Venture Partners is a company that is dedicating resources, support and business strategy in order to help rebuild and empower the city. The venture capital firm was launced in 2010 by Josh Linker, Dan Gilbert and  Brian Hermelin.

"I am investing in Detroit Venture Partners and the City of Detroit because I want to have a positive impact on the biggest downtown in my home state. I believe strongly in the Detroit 2.0 movement and creating opportunities to help people get back to work," said Johnson.

Magic says he is grateful for the opportunity to put people back to work and keep good talent in Michigan.

"I'm hoping that I will have a little "Magic" to create job opportunities for people who live here," Johnson says.

Detroit Venture Partners seeks to invest in entrepeneurs and the brightest talent from the Detroit area who are looking for capital and support for their Detroit ventures.

On the company's website , they describe their mission:

"We love Detroit so much that we are devoting our careers to rebuilding this incredible city. We believe that entrepreneurship can drive meaningful social change – creating jobs, wealth, and hope. Where others see the remains of a time gone by, we see enormous opportunity."

Johnson became emotional as he introduced Mayor Dave Bing. He talked about how Mayor Bing has impacted his life and says the investment was an "easy decision to make."

"Mayor Bing I'm investing millions of dollars in this venture," Johnson said during the news conference. "The promise that I made you, I'm making good on it right now.'

Earvin "Magic" Johnson is a native of Lansing, Michigan. He played basketball for Michigan State University before starting his NBA career with the Los Angeles Lakers.

Johnson teased the big announcement on his Twitter account Wednesday. "I'll be making a big announcement in Detroit tomorrow," he said.  He followed that tweet up by sending out "Look forward to help putting people back to work in my home state."