Each of the 30 teams in the league will donate $1 million annually to the foundation over the next decade.
The National Basketball Association's Board of Governors and the National Basketball Players Association said on Wednesday that they are creating a $300 million fund to start a foundation that will focus on "economic empowerment in Black communities," according to a press release. Each of the 30 teams in the league will donate $1 million annually to the foundation over the next decade.
"The NBA Foundation will seek to increase access and support for high school, college-aged and career-ready Black men and women, and assist national and local organizations that provide skills training, mentorship, coaching and pipeline development in NBA markets and communities across the United States and Canada," the press release stated.
The NBA said its foundation will focus on three areas pertaining to employment: obtaining a first job, securing employment following high school or college, and career advancement once employed.
"Given the resources and incredible platform of the NBA, we have the power to ideate, implement and support substantive policies that reflect the core principles of equality and justice we embrace," NBPA executive director Michele Roberts said.
The press release said that the NBA Foundation will work to "enhance and grow the work of national and local organizations dedicated to education and employment" and partner with Historically Black Colleges and Universities.
Several NBA players — such as Kyrie Irving, Dwight Howard and Avery Bradley — have expressed they are uneasy about restarting the NBA season amid protests over racial inequality, according to CBS Sports.
-- Originally published by CBS News.