In an effort to help build the economic power in the Black community, the NBA Board of Governors has announced the creation of the NBA Foundation.
The foundation will contribute $300 million to creating greater economic empowerment in the Black community. The NBA launched the Foundation with the National Basketball Players Association.
“All NBA team governors recognize our unique position to effect change and we are committed to supporting and empowering young Black men and women in each of our team markets as well as communities across the U.S. and Canada,” said NBA Board of Governors Chairman and Toronto Raptors Governor Larry Tanenbaum in a written statement.
The 30 NBA team owners will collectively contribute $30 million annually, over the next 10 years, to establish a new, league-wide charitable foundation. The NBA Foundation will seek to increase access and support for high school, college-aged and career-ready Black men and women, and assist national and local organizations that provide skills training, mentorship, coaching, and pipeline development in NBA markets and communities across the United States and Canada. The Foundation will also work with marketing and media partners to develop additional programming and funding sources that deepen the league’s commitment to racial equality and social justice.
“The creation of this foundation is an important step in developing more opportunities for the Black community,” said NBPA President Chris Paul. “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.”
The Foundation plans to focus on three employment transition points: obtaining a first job, securing employment following high school or college, and career advancement. The NBA Foundation will also assist in growing national and local organizations dedicated to education and employment by investing in youth employment and internship programs, STEM fields, job shadows and apprenticeships, development pathways outside of traditional higher education, career placement, professional mentorship, networking, and specific partnerships with historically Black colleges and universities (HBCUs).
“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,” said NBA Commissioner Adam Silver. “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.”