The NBA's board of governors will contribute $300 million over 10 years to establish a new foundation in partnership with the National Basketball Players Association that will promote economic empowerment within Black communities, the NBPA announced Thursday.
The board of governors, which consists of all 30 NBA franchise owners, will collectively contribute $30 million annually over the next decade in initial funding for the new NBA Foundation.
"Through its mission to drive economic empowerment for Black communities through employment and career advancement, 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," read the NBPA's release.
"As a public charity, the foundation will also aim to work strategically with marketing and media partners to develop additional programming and funding sources that deepen the NBA family's commitment to racial equality and social justice."
The foundation will have an eight-person board of directors featuring four representatives from the NBA's board of governors, three from the players' union, and one from the league's head office.