The National Basketball Association formalized its giving over the past four years through a new $300 million grantmaking arm.

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.

Each team will donate $1 million annually, or $30 million collectively, over those 10 years. NBPA President Chris Paul had said earlier in the season restart at Walt Disney World that $300 million would be the start, and now those plans are complete. All NBA team governors recognize our unique position to effect change and we are committed to supporting and empowering young Black men and women in each of our team markets as well as communities across the U.S. and Canada, NBA Board of Governors Chairman and Toronto Raptors Governor Larry Tanenbaum said. These are the three main areas of our social responsibility work at Monumental Sports & Entertainment and where we personally invest in our community, Washington Wizards owner Ted Leonsis said. Efforts will be centered on helping people get a first job, finding careers after high school or college, then career advancement.