SUMMARY
- Adam Silver started his career in the league in 1992 but became the commissioner of the NBA in 2014,
- Silver's current contract, with an annual salary of approximately $10 million, is set to expire on February 1, 2024.
Adam Silver is the fifth and current commissioner of the National Basketball Association (NBA). Although he put his foot in the door in 1992, he didn’t become the commissioner until 2014. For eight long years, Silver served the association as deputy commissioner and chief operating officer. After that, he succeeded David Stern as the head honcho of the league.
If one begins to trace his occupation before he dips his feet in the basketball waters, it will be of great surprise as to how he transitioned from being a lawyer to a sports executive. Whatever the reason, Adam Silver has given legs to the idea of basketball without boundaries. Duke University’s alumnus is responsible for developing the WNBA and NBA in China.
Most importantly, Adam Silver led the league to finalize talks with ESPN and Turner Sports, thereby soaring players’ salaries. According to Tim Reynolds of the Associated Press, the average price of an NBA team was around $510 million before Silver took charge. However, after Silver’s negotiation skills, the skyrocketing price is around $4 billion.
David Stern could bring the league only so far; Silver proved to be a chip off the old block. Adam left the legal field, following in Stern’s footsteps, and then helped the league make some crazy money. The 61-year-old Silver will celebrate his 10th anniversary in office on February 1, 2024.
When does Adam Silver’s contract end?
Starting his career in 2014, Silver is reported to be earning roughly $10 million annually now. This amount makes him one of the highest-paid commissioners among the four major North American sports. However, Silver’s contract is bound to expire on February 1, 2024.
He signed a five-year extension in 2018, making his contract last until 2023–2024 with an annual cap of around $10 million. By the end of the 2023–24 season, Silver would have made nearly $100 million from the league in salary alone. However, as per recent updates, NBA Commissioner Silver is finalizing a contract extension.
Per Reuters, the contract will keep him in his post until 2030, at the end of the decade. Other intricacies of the contract have not been laid out as of now. The fifth NBA commissioner’s net worth is around $40 million. A political science graduate and a native of New York has brought so much to the league, apart from a sense of reassurance in the times of COVID-19.
For achievements like these, the Sports Business Journal ranked him No. 1 in 2016. The Sports Business Journal also named him Executive of the Year in 2015. Furthermore, he made it to Time’s 100 Most Influential People and Fortune’s 50 Great Leaders in 2015.