Posted: Oct 26, 2012 9:36 AM
Updated: Oct 26, 2012 9:36 AM
Source: Associated Press
NEW YORK - David Stern spent nearly 30 years growing the NBA, turning a league that couldn't even get its championship series on live prime-time TV into a projected $5 billion a year industry.
Confident the NBA is in good shape and certain he has found someone who can make it even better, the 70-year-old Stern is ready to end one of the most successful careers in sports history.
Stern will retire as commissioner Feb. 1, 2014, 30 years to the day after taking charge of the league. He'll be replaced by Deputy Commissioner Adam Silver.
At the news conference Silver said Stern will "be remembered as the best of all-time."
The Board of Directors also approved the sale of the Memphis Grizzlies to a group headed up by a California technology entrepreneur. The sale still must be finalized, and the Grizzlies say that is expected soon.