NBA Foundation created, pledges $300 million to Black growth

LAKE BUENA VISTA, Florida: 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 (Thursday in Manila) 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.