Magic Johnson Investing in Detroit

*Magic Johnson is getting back to his business and has decided to be a part of a Detroit joint venture company alongside Quicken Loans founder and chairman Dan Gilbert.

The collaboration officially called Detroit Venture Partners will be targeting start up and growing businesses. The former basketball player said he’ll be writing a healthy check but didn’t specify exactly how much.

“I tried to do businesses here with the mayors before to bring my theaters here – it didn’t work out,” Johnson told reporters after a news conference in Detroit. “Now, with Dan, I’ve now found the right opportunity … and the right partner.”

Johnson also commented that he’s interested in purchasing a few downtown buildings with Gilbert through Johnson’s real estate fund.

“This is a tough time for the state, but we’re going to make a comeback … one investment at a time,” Johnson said.