Important information The NBA Foundation, which was recently created, is a philanthropic organization dedicated to economically strengthening black communities, particularly via education and youth employment. All 30 NBA clubs will contribute $1 million every year over the next ten years, and an eight-person board of directors will be formed. These individuals will help determine how these funds are distributed.
In addition to its efforts with the NBDF, the NBA has donated millions of dollars to support other charities that focus on youth education, health, or community development.
Here are just a few examples: The NBA has donated $5 million to local communities in honor of its first franchise in Toronto; it has also funded programs that provide at-risk youth with sports opportunities in Chicago, Cleveland, Detroit, Houston, Indianapolis, New York, Philadelphia, and Washington, D.C.
The NBA has also committed $10 million over 10 years to fund social justice initiatives around the world. Some of these projects include: providing college scholarships to female students in developing countries who want to become teachers; establishing playgrounds in neighborhoods with low rates of youth violence; and funding medical research related to Alzheimer's disease.
Finally, the NBA has pledged $125 million over 10 years towards its global workforce development initiative called "Take the Shot," which provides training programs for unemployed or under-employed people between the ages of 18 and 40.
During the coronavirus outbreak, 97 NBA players and the NBPA Foundation donated a total of $5.5 million to NGOs to aid in the relief effort. The donations were made as part of an initiative started by Kevin Durant to help out during this difficult time.
The King himself, LeBron James, is the clubs' largest patron and current "Champion of Youth." Over the years, his organization has contributed more than $3 million, outfitted 59 youth basketball teams, and restored 23 gymnasiums and learning centers.
LeBron's involvement with projects in his home city of Akron, Ohio is particularly notable -- he has funded scholarships for students at his high school alma mater, St Vincent-St Mary.
Besides donating money, James has also promoted charity events through his website, raising over $1 million for causes including children's hospitals.
In 2010, he launched "Operation Jump Start", which provided free basketball lessons to kids in urban areas across the United States. The campaign was aimed at getting young people off the streets and into schools where they could learn discipline and focus.
James has also opened up about his own struggles with depression and anxiety, which have no doubt helped him develop as a leader and human being.
He currently has four children with his wife, Gabrielle, and together they form one of sports most recognizable families. He is also a prominent voice in efforts to combat racial inequality in America, having discussed issues such as police brutality and social injustice with his family business network on several occasions.
According to IEG, a sports partnership consultancy organization, the National Basketball Association achieved a record $1.46 billion in sponsorship income in its 2020-21 regular season. According to IEG, the sum is up 6% year on year and more than the $1.2 billion earned by the NBA through partnerships following the 2018-19 season. The increase is due to rising revenues from corporate sponsorships and increased media rights fees paid to the league.
The NBA has one of the most lucrative television contracts in American sports. It pays the NBA maximum of $24 million per team per year for the first three years of their deal with ESPN/ABC, with the option of extending it for another three years at a time when other sports are leaving them behind in terms of revenue generation. This makes the NBA's average annual salary ($7.6 million) higher than that of any other professional team sport except for the NFL ($7.9 million).
The NBA has been able to capitalize on its popularity among African Americans and Hispanics, two groups that tend to earn more money than whites. It also generates revenue through advertising sales during game broadcasts, which is why many businesses seek to have their products featured in game shows or interviews with players.
In addition to the $24 million maximum per team, each franchise also receives an equity stake in the league that can be converted into ownership rights. The value of these shares was estimated at $333 million as of September 2017.
Copyright © 2020 - 2023 Sportsmanist Inc.
