David Stern, the 70-year old NBA commissioner, will retire on Feb. 1, 2014 after nearly 30 years of taking charge of the league.
He was instrumental in turning the sport into a projected $5 billion a year industry.
Stern is pretty confident that the NBA is in good shape and that his replacement will do an even better job. Adam Silver, the current Deputy Commissioner will replace him.
"I decided that things are in great shape and there's an organization in place that will ultimately be led by Adam that is totally prepared to take it to the next level," Stern told reporters
Talking about taking it to the level, Silver has very large shoes to fill.
Stern, a lawyer by trade and a brave negotiator, has seen it all. Be it salary caps, dress code, drug testing - he has handled almost everything impressively during his 30-year tenure. He also stood by the players whenever he felt criticism towards them was unjustified.
Silver said about Stern: "For all the things you've done for the NBA and for sports generally, I think there's no doubt that you'll be remembered as the best of all-time as commissioners go and you've set the standard, I think not even just for sports league commissioners, but for CEOs in any industry."
Stern was appointed commissioner way back in February 1984 and is the NBA's longest-serving commissioner.
Billy Hunter, the union executive director said in a statement: "There is no debate that David Stern has earned his spot in the pantheon of sports commissioners. Deservedly, his name and reputation will always be synonymous with the phenomenal growth and success of the NBA over the last three decades.
"His absence will surely be felt by anyone connected to the NBA and the sport of basketball, although clearly the league will be left in very capable hands with the appointment of Adam Silver as the next commissioner."
The league saw a 30-fold increase in revenues under Stern, with as many as seven franchises added during his term. It was on his insistence that the league acquired enormous popularity on social media with over 270 million likes and followers on Twitter and Facebook.
Silver said: "There are all kinds of other business metrics we could look at that would define David as one of the great business leaders of our time."
Stern, meanwhile, said that he had been contemplating retirement about six months ago but wanted to ensure everything was in place before he left. He wouldn't have left until the labor deal was sorted or until there was a competent successor to carry things forward.
"I don't know what else to say other than to recite what I told the owners yesterday in executive session," he said. "I told them that it's been a great run, it will continue for another 15 months, that the league is in, I think, terrific condition."
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