NBA's 30 teams will provide $1 million annually to fund the NBA Foundation, which is being launched by the league's board of governors and the players' union.
National Basketball Association (NBA) team owners are to contribute a total of $300 million over the next 10 years to a charitable foundation aimed at accelerating economic growth in the Black community.
The league said on Wednesday each of the NBA's 30 teams will provide $1 million annually during that time to fund the NBA Foundation, which is being launched by the league's board of governors and the players' union.
"The creation of this foundation is an important step in developing more opportunities for the Black community," said National Basketball Players Association (NBPA) President Chris Paul.
"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," Paul said.
Empowerment for Black communities
The foundation aims to drive economic empowerment for Black communities through employment and career advancement, increasing access and support for high school, college-age and career-ready Black men and women.
It will also work toward deepening the NBA's commitment to racial equality and social justice, movements that have gathered momentum after the death of George Floyd, an unarmed Black man killed in police custody in May.
Anti-racism protests have been at the forefront of the NBA's restart at the Walt Disney World Resort near Orlando, with games being played on courts that have "Black Lives Matter" painted on them and players wearing jerseys with social-justice messages.
"We are dedicated to using the collective resources of the 30 teams, the players and the league to drive meaningful economic opportunities for Black Americans," said NBA Commissioner Adam Silver.
"We believe that through focused programs in our team markets and nationally... we can advance our shared goals of creating substantial economic mobility within the Black community."
It will also assist national and local organisations that provide skills training, mentorship, coaching and personal development in NBA communities across the United States and Canada.
Part of the foundation's mission regarding employment will be on obtaining a first job, securing employment after high school or college and career advancement once employed.
"All NBA team governors recognise 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 US and Canada," said NBA board of governors chairman Larry Tanenbaum, chairman of the ownership group for the reigning NBA champion Toronto Raptors.
Four NBA club owners, three players and executives from the NBPA and a member of the league office will serve on the foundation board of directors.
"We're dedicated to using the collective resources of the 30 teams, the players and the league to drive meaningful economic opportunities for black Americans," NBA commissioner Adam Silver said.
"We believe that through focused programs in our team markets and nationally, together with clear and specific performance measures, we can advance our shared goals of creating substantial economic mobility within the Black community."