Recently retired NBA commissioner David Stern will be enshrined to the Naismith Memorial Basketball Hall of Fame just a few weeks after stepping down as the leader of the world's biggest basketball league.

The Associated Press is reporting via ESPN.com that Stern, who was elected by the contributors committee, will be enshrined on August 8 in the birthplace of basketball, Springfield, Massachusetts.

His enshrinement into the Hall of Fame is in recognition of his 30 years as NBA commissioner, leading a struggling league to become a global phenomenon. During his watch as NBA commissioner, Stern made basketball a global sport. Basketball stars like Magic Johnson, Larry Bird, Michael Jordan, Kobe Bryant, LeBron James and Kevin Durant became global icons. He stepped down on February 1 after spending exactly three decades in the said position. His former associate Adam Silver has since replaced him as commissioner.

Joining Stern were four others who were elected directly by the committees: Lithuanian star Sarunas Marciulionis, ex-Pacers coach Bob Leonard, former Knicks player Nat Clifton and former Temple University player Guy Rodgers.

Chairman of the Hall of Fame board Jerry Colangelo said of Stern: "He deserves to be recognized in a huge way."

Meanwhile, five former players were also named as finalist to this year's Hall of Fame. They included Miami Heat legends Alonzo Mourning and Tim Hardaway, guards Mitch Richmond and Kevin Johnson and forward Spencer Haywood. Other finalists were college coaches Gary Williams, Eddie Sutton, Nolan Richardson, and Harley Redin. The full class of inductees will be known on April 7 during the Final Four of the NCAA basketball tournament.