All 30 NBA team owners will provide a combined $300 million over the next decade for a fund called the NBA Foundation.
This new charitable initiative is dedicated to funding the greater economic empowerment in the black community.
All team owners will contribute $30 million every year to establish the NBA foundation, which is being launched by a partnership between the NBA’s board of governors and the National Basketball Players Association.
“We are dedicated to using the collective resources of the 30 teams, the players and the league to drive meaningful economic opportunities for Black Americans,” NBA Commissioner Adam Silver said.
“We believe that through focused programs in our team markets and nationally, together with clear and specific performance measures, we can advance our shared goals of creating substantial economic mobility within the Black community.”
The leagues hopes to provide support for Black men and women at the high school, college, and career level.
It aims to help with career advancement, job placement, and securing employment post school.
Chris Paul of the Oklahoma City Thunder chimed in and told Marc J. Spears of The Undefeated his feelings towards the new initiative.
“I am proud of our league and our players for their commitment to this long-term fight for equality and justice, and I know we will continue to find ways to keep pushing for meaningful institutional change,” Paul said.
The foundation will also aim to help organizations around the country with “skills, training, mentorship, coaching and pipeline development” in NBA cities.
Washington Wizards owner Ted Leonsis that his sports and entertainment company will give the NBA foundation and additional $1 million annually for the next 10 years.
“This money will be spent directly in the Greater Washington Metropolitan Region and will have a significant impact on the day-to-day life so many of our neighbors,” Leonsis said.
“Together, we will uplift our community and build towards a brighter future for many generations to come.”