NBA Foundation created, pledges $300 million to Black growth

LAKE BUENA VISTA, Fla. (AP) — The NBA's Board of Governors and the National Basketball Players Association have finalized plans to create the first NBA Foundation that will work to spur economic growth in the Black community, announcing Wednesday that the initial contribution will be $300 million over the next decade.

Each team will donate $1 million annually, or $30 million collectively, over those 10 years. An eight-person Board of Directors will be installed, with four of those seats going to representatives from the board of governors, three seats to NBPA players and executives, and one to the league office.

NBPA President Chris Paul had said earlier in the season restart at Walt Disney World that $300 million would be the start, and now those plans are complete.

“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,” NBA Board of Governors Chairman and Toronto Raptors Governor Larry Tanenbaum said.

The league said the charity would be public and that the foundation would work to deepen “the NBA family’s commitment to racial equality and social justice.” Those missions have been front-and-center at the restart at Walt Disney World, where games are played on courts with “Black Lives Matter” painted on them and about 85% of players are choosing to have a social justice message on their jerseys for the remainder of the season.

“Education. Scholarship. Economic Opportunity. These are the three main areas of our social responsibility work at Monumental Sports & Entertainment and where we personally invest in our community,” Washington Wizards owner Ted Leonsis said. “Which is why we fully endorse the NBA’s plan to create...