NBA Commissioner Stern to resign

MANILA, Philippines – In a surprise announcement, the National Basketball Association said Friday, October 26, 2012 that long-time commissioner David Stern will be stepping down from his position.

ESPN’s @SportsCenter first broke the news on social networking site Twitter.

BREAKING – Sources: NBA commissioner David Stern will announce late Thursday that he is retiring on February 1, 2014.

— SportsCenter (@SportsCenter) October 25, 2012

The NBA’s official Twitter account confirmed the report and said, “Stern will step down on the 30th anniversary of his appointment to commissioner on Feb. 1, 1984.”

Commissioner Stern will step down on the 30th anniversary of his appointment to commissioner on Feb. 1, 1984.

— NBA (@NBA) October 25, 2012

Deputy Commissioner Adam Silver will succeed Stern as decided by the league’s Board of Governors.

Silver said it is “an honor” to be chosen as the next commissioner and promised to do his “absolute best” to grow the NBA.

“I could be not happier sitting here to know I’ll be succeeded by Adam,” Said Stern on Silver’s impending appointment.

During Stern’s tenure as commissioner, two landmark decisions were reached with the NBA Players’ Association. The implementation of drug testing and the installation of a salary cap that allowed revenue-sharing system wherein the team’s owner and its players are effectively partners. – Rappler.com