NBA to contribute $300m for economic development in black community

The NBA Board of Governors has announced that it will contribute $300 million in initial funding to establish the first-ever NBA foundation dedicated to create greater economic empowerment in the black community. The foundation is being launched in partnership with the National Basketball Players Association (NBPA).

Over the next 10 years, the 30 NBA team owners will collectively contribute $30 million annually to establish a new, leaguewide charitable 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 organisations that provide skills training, mentorship, coaching and pipeline development in NBA markets and communities across the United States and Canada, said NBA in a media release.

“On behalf of the NBA Board of Governors, I am thrilled to announce the creation of the NBA foundation,” said NBA Board of Governors Chairman and Toronto Raptors Governor Larry Tanenbaum.

“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 US and Canada.”

The foundation will focus on three critical employment transition points: obtaining a first job, securing employment following high school or college, and career advancement once employed.

Through contributions, it will enhance and grow the work of national and local organisations dedicated to education and employment, including through investment 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.

“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.”