Adam Silver is the current commissioner of the National Basketball Association. As such, he is the one responsible for running the organization, thus making him one of the most important figures in professional basketball in North America and beyond. Thanks to this, Silver’s name has been known to show up in the news from time to time.
What Is Adam Silver’s Current Net Worth?
Generally speaking, the public has little interest in chief executives. However, there are some exceptions to this rule, with Silver being an excellent example. Celebrity Net Worth has produced an estimate that his current net worth is approximately $35 million. Having said that, it seems safe to say that Silver’s current net worth will continue to increase in the times to come. This is because it is well-known that he has an annual salary of $10 million on a contract that has been extended through the 2023-2024 season. On top of that, Silver’s contract includes incentives for meeting certain goals and milestones.
How Did Adam Silver Reach His Current Net Worth?
There are some careers that pass down through families. Amusingly, a case can be made for lawyers because the children of lawyers are something like 17 times likelier to become lawyers themselves when compared with the general population. Certainly, this was the case for Silver, who was born to a lawyer who specialized in labor law and his spouse in Rye, NY. He grew up in the NYC suburb, with the result that he went to high school there. After which, Silver headed out to Duke University over in Durham, NC. It seems safe to say that he had a pretty good idea of what he wanted out of life. This can be seen in how Silver studied political science, used the resulting degree to get a job as a legislative aide for a member of the U.S. House of Representatives, and then studied law at the University of Chicago Law School. Thanks to this, he graduated with a J.D. degree in 1988 before proceeding to get a job as a law clerk and then as an associate of one of the most prestigious law firms in the United States. On a related note, it is worth mentioning that said law firm has a reputation for its mergers and acquisitions work, which is a topic that can get quite complicated to say the least.
In any case, Silver had a career as a lawyer. However, he eventually made a jump over to the NBA. Silver didn’t jump to the top of the hierarchy right from the start. Still, he was always highly-placed, which makes sense considering his capabilities as well as the nature of the duties carried out using said capabilities. Some examples of the positions that Silver held before becoming commissioner include but are not limited to senior vice president, chief of staff, and chief operating officer. Something that should make it very clear that he was entrusted with major responsibilities. Naturally, this means that Silver was involved in a number of high-profile projects, with an excellent example being his role in producing 2002’s Like Mike and 2004’s The Year of the Yao. Eventually, Silver rose high enough in the NBA that there wasn’t anywhere further to go other than the top of the hierarchy. On October 25 of 2012, his predecessor David Stern endorsed him for the position of the fifth commissioner of the NBA once said individual stepped down on February 1 of 2014. The transition process went smoothly, as shown by the unanimous vote by the 30 NBA team owners to give him the go-ahead. Ever since, Silver has been responsible for running the NBA’s day-to-day operations as well as juggling the various crises that have come up over time.
For the most part, the public takes little interest in the day-to-day operations of the NBA. After all, businesses are businesses, meaning that it is much the same as its counterparts elsewhere. Instead, interested individuals tend to be most familiar with Silver because of his role in managing various crises. For example, when the LA Clippers team owner Donald Sterling was caught on video making racist remarks in a conversation with his girlfriend, Silver went all-in on the punishment. First, he banned Sterling from the NBA for life. Second, he imposed a $2.5 million fine, which was the maximum amount allowed under the NBA’s constitution. Third, Silver stripped Sterling of most of his authority over his team before pushing for the other team owners to expel him. Combined, this meant that Silver was a major mover behind one of the harshest punishments ever visited upon the owner of a professional sports team. Similarly, Silver was caught in an extremely awkward position when the Houston Rockets general manager Daryl Morey made a tweet that was supportive of the 2019-2020 protests in Hong Kong, which was called “regrettable” by the NBA.
On the one hand, he faced serious criticism from members of both U.S. political parties; on the other hand, he faced serious hostility from the Chinese government as well as Chinese companies over what the latter perceived to be an internal issue. From the NBA’s perspective, the latter was particularly problematic because it put much effort into breaking into the lucrative Chinese market, which was already riled-up at the time because of increased tension in the U.S.-China relationship. Of course, it is also important to note Silver’s response to the COVID-19 crisis. Like the overwhelming majority of professional sports leagues, the NBA suspended play. After which, it put $190 million into establishing an isolation zone called the NBA Bubble, which enabled 22 of the 30 NBA teams to play out the remainder of the 2019-2020 season. Thanks to this, the NBA was able to recoup an estimated $1.5 billion in revenue. Going forward, it has been said that the NBA Bubble will be used as a contingency plan for future pandemics, so it seems that the $190 million could provide further usefulness in the times to come.
In any case, Silver has held a succession of prestigious, well-paid positions. As such, his current net worth isn’t particularly surprising. Moreover, it seems safe to say that Silver’s net worth will continue to rise in the times to come, seeing as how there is still quite some time in his aforementioned contract. For that matter, he is currently in his late 50s, meaning that he can remain active for years and years.