Bing recruits professional athletes to invest in Detroit
Dave Bing, the basketball star turned industrialist and community activist, is recruiting other big-name athletes to follow his tracks and invest some of their wealth in Detroit’s revival.
Excerpts from the article:
In a speech Tuesday to a forum on community investment, Bing said he has enlisted current and former National Basketball Association stars Isiah Thomas, Jalen Rose, Chris Webber, Steve Smith and Derrick Coleman to invest in a new company that will build upscale housing in Detroit, probably near the riverfront.
Bing said he plans to raise $5 million to $10 million in equity from about eight current and former athletes and form the company in the next 30 to 60 days. He’s also hoping to attract Detroit Pistons President Joe Dumars to the investor group, he said.
Bing, 62, a former NBA rookie of the year and seven-time all-star with the Pistons from 1966 to 1975, is as trustworthy as they come, the classic example of a star athlete investing his time and money in the community that supported him during his playing days.
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