David Stern was an American lawyer and business executive, who made a name for himself as the commissioner of the National Basketball Association from 1984 to 2014. Stern created a reputation for himself after he oversaw the growth of basketball to one of the most popular sports in the sports during the ’90s and 2000s.
The late business executive is always remembered for his efforts in broadening the NBA’s audience, especially internationally through the setting of training camps.
While Stern was the NBA’s commissioner, he oversaw the playing exhibition of games, recruiting of international Players, setting up 12 offices outside the United States, and broadcasting of the game in over 40 languages.
Net Worth of David Stern
David Stern was a lawyer and business executive who had a net worth of $135 million as of his death on January 1, 2020. Stern’s skills placed him in the limelight, simply because of his great achievements in shaping the basketball sector.
During his tenure as the NBA commissioner, he achieved great milestones like setting up offices outside the US, international recruitments, and setting up training camps.
It was also during his time that the NBA broadened its audience, turning it into a popular game in the world. He was the NBA commissioner for 30 years, and his tenure bore a lot of fruits.
David Stern’s wealth is attributed to his many years of serving in the NBA and working as a lawyer. He also ensured that the NBA increased revenues to billions of dollars as of 2013 compared to 1984 when he was taking charge.
Early Work
Stern’s early work was working as a lawyer. After he graduated from Law school, he joined the law firm Proskauer Rose which has always represented the NBA. In the case of Robertson vs NBA, he was the lead attorney who negotiated a settlement that allowed the NBA/ABA merger to proceed while allowing players to become free agents.
In 1978, Stern left the law firm and he went to become the NBA’s general counsel under Commissioner Larry O’Brien. By 1980, Stern had been promoted to NBA’s executive vice president for business and legal affairs. It was during this time that Stern achieved the milestones of drug testing and the team salary cap.
Basketball became the first major sport to implement a drug policy. The drug testing policy was in place to deal with the perception that the NBA had a drug problem. Moreover, the salary cap enabled teams and players to create revenue-sharing systems, which ensured players and owners were effective partners.
NBA Commissioner
Stern became the NBA’s commissioner on February 1, 1984, taking after O’Brien. After he took over, he began putting the focus on basketball stars, including players like Magic Johnson, Larry Bird, Michael Jordan, and Charles Barkley. Stern’ era marked a period where commercial anted deals with the NBA.
Stern soon started allowing the airing of NBA highlights in various regions like Argentina, China, and South America, expanding its reach. The commissioner brought numerous changes which have continued to persist to this era.
