NBA owners to pool in $300 million across next 10 years for Black Lives Matter movement

The NBA team owners will contribute a total sum of $300 million over the next 10 years to establish the first-ever NBA Foundation dedicated to generating economic empowerment in the black community. The league announced Wednesday that each of NBA's 30 teams will be donating $1 million annually during the time frame to fund the league's foundation, which has been launched in partnership with the National Basketball Players' Association (NBPA).

The 30 teams will be the members of the NBA foundation. The eight of Board of Directors for the foundation will comprise of representatives from the NBA Board of Governors (four seats), players and executives from the NBPA (three seats) and the league office (one seat).

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NBA pledges $300 million to boost the empowerment of Black communities

The NBA foundation will look to empower the black community in the United States by providing support for "high school, college-aged and career-ready black men and women." In addition, the foundation will aim to assist organisation across the nations that provide skills training, mentorship and coaching to such communities. Amid the ongoing global Black Lives Matter movement, the league believes the foundation can work with marketing and media partners to develop programmes that will foster the NBA's commitment to eradicate racial injustice. 

According to the league's statement, the foundation will focus on three critical employment transition points - Obtaining the first job, securing employment following high school or college and career advancement once employed. 

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"The creation of this foundation is an important step in developing more opportunities for the Black community," said OKC Thunder's Chris Paul, who serves as the President of the NBPA. "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."

NBA players have been extremely vocal in showing support for the Black Lives Matter that kicked off in the aftermath of the death of George Floyd in Minneapolis. Since the NBA season resumed in Orlando, players have shown their solidarity with the antiracism movement by wearing themed t-shirts and kneeling during the national anthem. 

NBA commissioner Adam Silver in the statement issued that the league is confident that the foundation and its community-centric programs can help the league to advance the goals of "creating substantial economic mobility within the Black community."

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(Image Credits: NBA Official Website)