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Brooklyn Nets owners pledge $ 50 million to create “economic mobility” in the black community

Brooklyn Nets owner Joe Tsai against the Philadelphia 76ers during the game at Barclays Center on December 15, 2019 in the Brooklyn neighborhood of New York City.

Matteo Marchi | Getty Images

Led by owners Joe Tsai and Clara Wu Tsai, the Brooklyn Nets are pledging $ 50 million over 10 years to support and establish programs that they hope will lead to economic mobility in the black community.

The married couple will lead a “five-point plan,” which will include ongoing support for its players pushing for social and economic equality and addressing wage gaps in communities of color, starting in Brooklyn. The plan will also address diversity within the Nets organization and the league office of the National Basketball Association.

“After George Floyd’s death, we felt like we needed to take a firm stand on racial injustice,” Wu Tsai said in an interview with CNBC on Monday. “I wanted to affirm our beliefs on this issue – that racism is pervasive and must be addressed, and I wanted to set out the fundamental principles that would clarify our purpose as an organization.”

He added that the club wants to raise awareness of systemic oppression with the assistance of players like striker Garrett Temple.

“You have to admit that racism exists, and you have to understand that there are systemic imbalances in society that cause racism and cause lack of economic mobility and a lack of wage trajectory.” Wu Tsai said.

The Nets’ contribution will total $ 60 million, which includes $ 10 million in donations to the NBA and the National Basketball Players Association’s $ 300 million commitment to start the “NBA Foundation.” The League said the 10-year program is “dedicated to creating greater economic empowerment in the black community.”

The NBA said 30 club owners “will collectively contribute $ 30 million annually” to the foundation that “will increase access and support for high school, college and career-ready black men and women.”

“In addition to the leadership of our companies, we have spoken out against all forms of racism and are committed to working collaboratively with our community to raise awareness and reject racial prejudice,” Joe Tsai said in a statement.

Entrepreneur and recording artist Shawn “Jay-Z” Carter, from left, gestures while posing with New England Patriots owner Robert Kraft, co-owner of the Philadelphia 76ers and executive president of fanatics Michael Rubin, the artist of recording Meek Mill, CEO and founder of Galaxy Digital Michael Novogratz, co-owner of the Brooklyn Nets Clara Wu Tsai, Third Point CEO and founder Daniel S. Loeb, and REFORM Alliance CEO and political activist Van Jones after the group announced a partnership to transform the American criminal justice system, Wednesday, January 23, 2019, in New York.

Kathy Willens | AP

The time is right

Wu Tsai’s efforts to combat social injustice are not new. He has donated millions to social organizations and is a founding partner of the REFORM Alliance, co-founded by hip-hop stars Jay Z and Meek Mill, to further raise awareness of injustices within the criminal justice system.

She is also co-owner of the WNBA’s New York Liberty, which she praised for using their platform to stimulate dialogue on racial inequality in the United States.

“They’ve lectured on police brutality, excessive use of force, police reform – they’ve had those conversations since 2015,” he said. “But I don’t think the community was ready to listen to it or sounded really aggressive. Now, more people are willing to listen.”

Wu Tsai recalled Floyd’s death on May 25 at the hands of Minnesota police officers as a turning point for the nation. Following the tragic incident, which sparked protests around the world, he said it was the right time to put the plan into action.

“The time is right and the atmosphere within the organization to accept these kinds of initiatives has finally arrived,” he said.

But it was the June 12 killing of Rayshard Brooks in Atlanta that was “a big moment for me,” Tsai said, not forgetting to add the Breonna Taylor shooting as another moment that prompted the owners of the Nets to act now.

The deaths were also a concern for some NBA players, including Nets guard Kyrie Irving and Los Angeles Lakers center Dwight Howard. Some players wanted to avoid playing in the NBA’s Disney bubble, believing it would take away from maximum awareness to social injustice.

“I want to keep the momentum going because I know it was a concern for some players – that returning to play would take some attention away from that,” Wu Tsai said. “We have to find ways to keep this topic at the fore without it having to be someone’s senseless death.”

Players, coaches and staff kneel during the national anthem prior to the game between the Houston Rockets and Portland Trail Blazers at the ESPN Wide World Of Sports Complex Arena on August 4, 2020 in Lake Buena Vista, Florida.

Kevin C. Cox | USA TODAY Sport | Reuters

Wu Tsai said he was happy that the players are back on the pitch after the NBA’s five-month hiatus due to Covid-19, especially with social messages on the back of some players’ shirts.

Temple said he wasn’t surprised when he learned of the $ 50 million donation, the five-point plan, and the involvement of the Nets owners.

“They are people who are very adamant about their beliefs and have some of the same value systems that I share,” Temple said in a statement to CNBC. “I am certainly one of the most progressive and far-sighted governors in the league.”

Over the next year, Wu Tsai intends to study “where we can have the greatest impact by bringing to all the resources and resources we can bring to these problems.” He said the Nets would also “put our house in order” with plans to thoroughly scour the organization to improve diversity and create programs to improve workers.

But Wu Tsai cautioned that this is not a “check-writing exercise” and will oversee efforts to ensure that funds are distributed to causes that matter, create change, and have measured results.

“These are really hard problems to solve, and you really shouldn’t throw money away without knowing how you would spend it,” Wu Tsai said.

“I don’t like wasting money,” he added. “I’ll be at the forefront and at the center of this. I’m not going to outsource it. We’ll look for the best person to handle it for us, but I’ll be out there because I care so much about these issues and making an impact.”

Temple said, “It’s not just about throwing money, it’s not just about doing whatever the league is doing, but making sure they leave their footprint on Brooklyn and the league as a whole. I’m very excited and hopefully, to be able to make it a part of this “.

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