NBA Hall of Famer David Robinson filed a lawsuit on December 12, 2025 accusing his longtime business partner, Daniel Bassichis, of diverting more than $34 million from Admiral Capital Group, the private equity firm the two co-founded in 2008. The complaint, filed in San Antonio’s 4th Business Court Division, brings claims for fraud, breach of fiduciary duty, conversion, and civil conspiracy. Four days later, Robinson and Bassichis issued a joint statement saying they were in settlement talks.1San Antonio Express-News. David Robinson Admiral Capital Bassichis Settlement Talks
What Robinson Says Bassichis Did
Robinson stepped back from day-to-day management of Admiral Capital in 2022, leaving Bassichis to run the firm. The lawsuit centers on what allegedly happened after that.
According to the complaint, Bassichis refinanced properties held through Admiral Columbus LLC in mid-2024, generating roughly $18 million in net proceeds. Rather than distributing that money through normal channels, the suit alleges, he routed $14 million to an entity called US Living Structured Fund LP and $4 million to Vero Capital, a firm he controls. US Living is tied to a 381-unit high-rise apartment project in Dallas that, per the lawsuit, has nothing to do with Admiral Capital.2San Antonio Express-News. David Robinson Admiral Capital Bassichis Lawsuit
To cover the transfers, the complaint alleges, Bassichis created two unsecured promissory notes in August 2024 totaling nearly $17.1 million and backdated them so the payments would look like legitimate loans to Admiral Columbus. The lawsuit calls those notes “fabricated.”2San Antonio Express-News. David Robinson Admiral Capital Bassichis Lawsuit
The suit also accuses Bassichis of using ACRE MGMT Equity LP, a partnership co-owned with Robinson, to subsidize salaries and operating costs at Vero Capital and other businesses he controlled. That, the plaintiffs estimate, amounted to roughly $15 million in diverted assets plus more than $9 million in personnel costs.3Fox San Antonio. David the Admiral Robinson Accuses Business Partner of Diverting $18 Million in Lawsuit
The Claims and What Robinson Wants
The plaintiffs are Robinson, Admiral Capital Group, and two affiliated companies. The defendants are Bassichis, Vero Capital GP LLC, and US Living Structured Fund LP. San Antonio attorney Julia Mann represents Robinson’s side.
Legal claims include fraud, conversion, civil conspiracy, breach of fiduciary duty, tortious interference, and breach of the implied covenant of good faith and fair dealing.4KSAT. Lawsuit: Spurs Icon David Robinson Accuses Business Partner of Diverting More Than $34 Million Robinson is seeking more than $34 million, a figure that covers the return of diverted funds, all “traceable profits, earnings, and appreciation” on those funds, and unspecified punitive damages.
Robinson’s side had tried to resolve things privately first. A formal demand went to Bassichis on October 8, 2025 seeking the return of roughly $24 million. The lawsuit says Bassichis did not meaningfully respond.2San Antonio Express-News. David Robinson Admiral Capital Bassichis Lawsuit
The Admiral Capital and Vero Capital Fight
A second dispute runs alongside the money claims: who Admiral Capital actually is now. Vero’s website describes the firm as “formerly Admiral Capital Group, founded in 2008,” presenting itself as the successor to Robinson’s company.5Yahoo Finance. NBA Hall of Famer David Robinson Lawsuit Julia Mann rejects that framing, stating that Admiral Capital “was not re-branded as Vero” and that it “remained a separate entity and did not cease operations of its legacy investments.”1San Antonio Express-News. David Robinson Admiral Capital Bassichis Settlement Talks
Corporate records show Admiral Capital is still a registered Delaware entity in good standing. The old admiralcapitalgroup.com web domain, however, now redirects to verocapital.com. The lawsuit treats that redirect as evidence Bassichis was trying to fold Admiral’s identity and assets into his own venture.
Bassichis’s Response
Bassichis has not filed a formal legal response. In an emailed statement after the filing, he called the case “an isolated business disagreement regarding the wind-down of several assets and related issues” and said he was “confident it will be resolved quickly.” He emphasized that Robinson had stepped down from day-to-day operations in 2022 and said he had continued to manage the business “in the best interests of our investors.”6Yahoo Finance. NBA Legend David Robinson Sues Business Partner
He did not publicly address the specific allegations about backdated promissory notes or the routing of refinancing proceeds.
Where the Case Stands
Before the lawsuit, on April 25, 2025, Robinson removed Bassichis as Admiral Capital’s managing member and took over the role himself. Then on December 16, four days after suing, the two men issued a joint statement saying they were “engaged in constructive discussions and have made progress toward a mutually acceptable resolution.”1San Antonio Express-News. David Robinson Admiral Capital Bassichis Settlement Talks
Robinson said the filing had prompted Bassichis’s “willingness to engage in settlement negotiations.” Bassichis said he had “devoted most of the last twenty-three years working with David to build a successful business together” and was “grateful we are moving toward a resolution.” Robinson has not moved to dismiss the complaint, so the litigation remains active while the talks proceed.
In the meantime, Admiral Capital has brought in San Antonio-based Affinius Capital to help manage five of the firm’s remaining non-fund real estate investments.1San Antonio Express-News. David Robinson Admiral Capital Bassichis Settlement Talks