The NBA and NBPA have agreed to pay $24.5 million to former ABA players as compensation. Those who are eligible to receive the payments are former players who have either spent three or more years in ABA or have played at least three combined un ABA and NBA and never received a pension from the association.
The agreement between NBA and NBPA marked the end of a negotiation between the association, players, and Dropping Dimes. Since its founding in 2014, Dropping Dimes has negotiated with the NBA to help former ABA players who are struggling in life.
Reason behind agreement
CEO and founder of Dropping Dimes, Scott Tarter said that the agreement was a hope that came true for former ABA players, which the organization had campaigned for a long time.
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“It’s a wonderful day for former ABA players, and one that we and the players have been hoping for and working hard for many years,” he said.
The payments will be split between the NBA and NBPA as responsible parties. The NBPA CEO Tamika Tremaglio said the NBPA and all players under the association would help the former ABA player. She said the reason behind the funding was for the NBPA to recognize former ABA players as part of the association.
“Our players have a real sense of appreciation for those who paved the way and helped us achieve the success we enjoy today,” she said. “ABA players have always considered us a part of our brothers and we are proud to finally recognize them with this distinction.”
NBA Commissioner Adam Silver said the players, teams, and referees under the NBA needed to support former NBA players by agreeing to the compensation.
“These pioneers have made meaningful contributions to help develop the game of professional basketball, and we all believe it is appropriate to provide financial recognition to this group for their impact,” he said.
There are 115 players eligible for the payment of compensation. Based on the agreement, the players will get an average of $3,828 annually for each year they have been in the league. For example, every former ABA player who played for three seasons will earn $11,484 annually. If they played for a total of maximum years of service for nine years, they get $35,452 per year.
Tarter said the players deserve more recognition for their contribution to the NBA game today.
“In some ways, we feel that the older ABA players, who broke so many barriers in the ’60s and ’70s, deserve more recognition,” he said. “But I cannot overstate how much it means to them that the NBA and NBPA recognize their tremendous contributions to the NBA game today.”
Tarter said that the payment provided financial assistance to the players. He said the organization would honor them as pioneers of professional basketball.
He said the result of the agreement meant a lot to the players.
“It means a lot to them personally, from the point of view of their basketball legacy,” he said.