Adam Silver has received a 5-year contract extension Wednesday to remain the NBA commissioner. Board of Governors chairman Larry Tanenbaum of the Toronto Raptors announced the deal on Wednesday, one that keeps Silver under contract through the 2024 NBA Finals.
Financial terms were not disclosed, but the extension comes as a reward for Silver’s accomplishments that include rapid growth in the value of franchises and attendance records around the league being set annually. All 30 NBA clubs have seen their values increased significantly, from an estimated $12 billion when Silver took over to $60 billion now. This was also the fourth consecutive season where the league set an all-time attendance record, with 22.1 million fans attending games in 2017-18.
This season also marked the launch of the first eSports league, the NBA 2K League, which Silver has raved about. He’s also been outspoken and an advocate for sports betting and getting the NBA involved, which will be happening.
Silver has been with the NBA since 1992, and he became deputy commissioner under David Stern in 2005. When Stern retired back in 2014, after a 30 year-run, Silver took over as the fifth commissioner in NBA history.