The NBA has awarded a five-year contract extension to commissioner Adam Silver.
In a statement released yesterday (Wednesday), NBA board of governors chairman and Toronto Raptors governor Larry Tanenbaum said that Silver’s contract has been extended through the 2023-24 season.
Prior to becoming commissioner in February 2014, when he succeeded David Stern, Silver served as deputy commissioner and chief operating officer for eight years. He joined the league in 1992.
Financial terms of his new deal were not disclosed, with Silver having overseen growth for the NBA including attendance records for the league being set on an annual basis and franchises recording significant increases in their valuations.
The Associated Press news agency said that under Silver’s stewardship, the 30 franchises valuations have risen from an estimated $12bn (€10.17bn) when he took over to $60bn now. A total of 22.1 million fans attended games in 2017-18, the fourth consecutive season in which the league has set an attendance record.
The NBA 2K League, a pet project of Silver’s, also launched last month. The first official esports league operated by a professional sports league in the US, the competition debuted on May 1 and features the best 102 NBA 2K players in the world.
Seventeen NBA teams are competing in the new league: Boston Celtics, Cleveland Cavaliers, Dallas Mavericks, Detroit Pistons, Golden State Warriors, Indiana Pacers, Memphis Grizzlies, Miami Heat, Milwaukee Bucks, New York Knicks, Orlando Magic, Philadelphia 76ers, Portland Trail Blazers, Sacramento Kings, Toronto Raptors, Utah Jazz and Washington Wizards.