The NBA Board of Governors announced today that it will contribute $300 million in initial funding to establish the first-ever NBA Foundation dedicated to creating greater economic empowerment in the Black community. Over the next 10 years, the 30 NBA team owners will collectively contribute $30 million annually to establish a new, leaguewide charitable foundation. On behalf of the NBA Board of Governors, I am thrilled to announce the creation of the NBA Foundation, said NBA Board of Governors Chairman and Toronto Raptors Governor Larry Tanenbaum. The Foundation will work directly with all 30 teams, their affiliated charitable organizations and the NBPA to support national organizations. The 30 NBA teams will be members of the NBA Foundation with its eight Board of Directors comprised of representatives from the NBA Board of Governors, players and executives from the NBPA and the league office.