Richard Lawrence “Dick” Stern is an American businessman and philanthropist. He is the Chairman of the National Basketball Association’s (NBA) New York Knicks. Stern is also the founder of Madison Square Garden Company, which owns and operates the New York Knicks, New York Rangers, New York Liberty and Buffalo Braves as well as other properties. He has a net worth of $1.5 billion. How He Used His Wealth To Save The NBA? Born on June 25, 1953, in the borough of Queens in New York City, Richard Lawrence Stern graduated from the University of New Mexico in 1975 with a bachelor of science degree in agricultural business. After college, he became a real estate broker and in 1979, he founded a real estate firm. In 1988, he moved to Houston, Texas and founded Sterling Stern Real Estate, Inc. In 1996, he moved back to New York and founded Madison Square Garden Company, an entity that bought, renovated and operated the New York Rangers, New York Knicks and New York Liberty. By the early 21st century, Stern became the CEO of Madison Square Garden Company. In January 2015, he was elected as the Chairman of the NBA. He previously held the roles of the President and Chief Executive Officer of the NBA. His career has spanned over four decades and he has accumulated a net worth of $1.5 billion as of June 2018. How He Used His Wealth To Save The NBA?
NBA Net Worth
Richard Lawrence “Dick” Stern is an American businessman and philanthropist. He is the Chairman of the National Basketball Association’s (NBA) New York Knicks. Stern is also the founder of Madison Square Garden Company, which owns and operates the New York Knicks, New York Rangers, New York Liberty and Buffalo Braves as well as other properties. He has a net worth of $1.5 billion. The Stern family has a Jewish heritage. His parents were Harold Levie Stern and Bertha (née Levy) Stern. His father was a real estate broker and in 1979, he founded a real estate firm. In 1988, he moved to Houston, Texas and founded Sterling Stern Real Estate, Inc. In 1996, he moved back to New York and founded Madison Square Garden Company, an entity that bought, renovated and operated the New York Rangers, New York Knicks and New York Liberty.
Why Was Stern Elected As Chairman Of The NBA?
In 2014, the NBA had a financial crisis. The league lost $300 million and only generated half the revenue it did in the previous season. During this time, the NBA’s revenue had declined by 18%. The solution was to change the way the league operated. They began a program called “The Collective Bargaining Agreement.” They wanted to create a new way for teams to be financially stable and make sure that each team made enough money to stay in the league. Stern signed off on this agreement, alongside the owners.
Stern’s Philanthropic Work
Stern has been giving back to society for decades. In 1988, he founded a charity called the Richard L. Stern Charitable Foundation. He has been donating money to cancer research and support for families with children battling cancer ever since. His current net worth has allowed him to give more to the foundation. In 2013, Stern donated $200 million towards cancer research. The Stern Foundation is currently the largest philanthropic fund in New York state. The foundation has donated over $400 million since its creation in 1974.
How Stern Saved The NBA
In 2015, the NBA saw their revenue decline by 11%. The solution to the financial crisis was to change the way the league operated. They began a program called “The Collective Bargaining Agreement.” They wanted to create a new way for teams to be financially stable and make sure that each team made enough money to stay in the league. Stern signed off on this agreement, alongside the owners. In 2014, the NBA started to see the effects of the “NBPA Decision”. This was a lawsuit that the players association filed against the league. They said the NBA’s management of the league was unfair to the players. Because of this, NBA viewership had a decline of 5%. The solution was to change the way the league operated. They began a program called “The Collective Bargaining Agreement.” They wanted to create a new way for teams to be financially stable and make sure that each team made enough money to stay in the league. Stern signed off on this agreement, alongside the owners.
Conclusion
Stern saved the NBA during a financial crisis. With his current net worth, he can donate more to cancer research and support for families with children battling cancer ever since. His current net worth has allowed him to give more to the foundation. He has also been giving back to society for decades. He is the Chairman of the National Basketball Association’s New York Knicks. Stern is also the founder of Madison Square Garden Company, which owns and operates the New York Knicks, New York Rangers, New York Liberty and Buffalo Braves as well as other properties. He has a net worth of $1.5 billion.