- NBA commissioner Adam Silver has an estimated net worth of $ 35 million
- Silver’s contract as NBA commissioner runs through 2023-24 season
- He will have earned $ 100 million from his only position by the end of his current contract
Adam Silver, the fifth and current commissioner of the NBA, is making millions from his position.
Silver receives an annual salary of $ 10 million as commissioner of the NBA, according to Celebrity Net Worth. It’s no surprise that the 59-year-old sports executive has a massive net worth of $ 35 million.
Silver succeeded David Stern in 2014, at the end of his 30-year term. In 2018, his contract as NBA commissioner was extended until the 2023-24 season. Silver will have earned $ 100 million from his single position at the end of his current contract, the outlet noted.
Silver has also reportedly received bonuses for certain accomplishments, such as meeting revenue or expansion goals, depending on the outlet.
However, he may have earned considerably less last year as the NBA slashed the base salaries of 100 of its top-paying executives around the world by 20% amid the coronavirus pandemic, ESPN’s Adrian Wojnarowski reported, citing anonymous sources. The NBA commissioner was reportedly among those whose salaries were affected.
The New York native, who is also a lawyer, joined the NBA in 1992 as deputy commissioner and director of operations, a position he held for eight years.
During this time, he was involved in various major initiatives, including negotiating the league’s last three collective agreements with the National Basketball Players Association. Silver also contributed to the development and expansion of the Women’s National Basketball Association (WNBA), the outlet said.
Then NBA commissioner Stern approved Silver to be his successor in 2012 after announcing his retirement, which took effect on February 1, 2014. Later that year, after facing several challenges during his first year as NBA commissioner, Silver received Sports Illustrated 2014 Executive of the Year Award.
Silver found himself in a tough spot when then Clippers owner Donald Sterling was caught on camera making racist remarks to his then girlfriend. Following an investigation, the commissioner announced that Sterling was banned for life from the NBA and fined $ 2.5 million, according to the Launderer report.
Silver also wrote a editorial that year, backing legalized sports betting despite the league’s long-standing opposition. Five years later, the federal ban on state-sponsored sports betting was lifted and a dozen states began operating legal sports betting, ESPN Previously reported.
Prior to being named NBA commissioner, Silver also served as senior vice president and COO of NBA Entertainment, NBA chief of staff and special assistant to the commissioner, according to Celebrity Net Worth.
During his time with NBA Entertainment, he was executive producer of the IMAX film “Michael Jordan to the Max”, the documentary “Whatever Happened to Michael Ray?” (2000) and the films “Like Mike” (2002) and “Year of the Yao”.