The National Basketball Association (NBA) has awarded a five-year contract extension to commissioner Adam Silver that will keep him tied to the league until the end of the 2023/24 season.
The contract renewal, of which financial terms were not disclosed, was announced on Wednesday by NBA board of governors chairman and Toronto Raptors governor Larry Tanenbaum.
Silver, 56, has spearheaded a prosperous period for the preeminent North American basketball league since taking over from David Stern in 2014, with franchise values rising fivefold, from an estimated US$12 billion to US$60 billion, in that time.
The 2017/18 NBA season also saw the league set an all-time attendance record for a fourth consecutive year, with 22.1 million fans attending games during the campaign.
In addition, Silver led negotiations in 2016 with the National Basketball Players Association (NBPA) to secure a new collective bargaining agreement, which saw player salaries rise owing to a whopping US$24.1 billion nine-year TV and media rights deal Silver had helped seal with Disney and Turner Sports.
Silver, who was tipped by SportsPro to be one of the sports industry’s ten key influencers in 2018, also pioneered the NBA 2K League, which launched earlier this year as the first esports competition operated by one of North America four major leagues.
Silver, who has been at the NBA since 1992, has previously served as the league’s deputy commissioner and chief operating officer for eight years.