Before the NBA, there was the ABA.
The American Basketball Association was founded in 1967 by Joe Newman and the late Richard P. Tinkham, running for about 10 years.
After it was dissolved and acquired by the NBA, a large number of its players were left without financial viability. Now, with the support of the Dropping Dimes Foundation, formerABA players will receive their share of a $24.5 million payout.
Afrotech reported that the NBA, recent announced a jointly funded program that will recognize and provide payments to players from the ABA. 115 former ABA players who were in the final three seasons of the didn’t receive the NBA’s pension payouts due to not meeting the requirements set at the time by the organization. But the new program has reversed those stipulations and will pay the former players, ultimately helping them with important costs like rent and medical bills, which is what many players shared they struggled with over the years.
Eligible former ABA players will get an annual payment of about $4,000 for every year they played in the ABA. For example, if a player played ten year, they’ll receive nearly $40,000 per year.
“Both our current players and team governors felt a need to act on behalf of these former ABA players who are aging and, in many cases, facing difficult economic circumstances,” said NBA Commissioner Adam Silver in a news release. “These pioneers made meaningful contributions to help grow the game of professional basketball, and we all believe it’s appropriate to provide financial recognition to this group for their impact.”
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