The NBA plans on compensating many of the players who helped shape modern professional basketball.
On Tuesday evening, the NBA and NBPA announced that they will distribute recognition payments to former players of the defunct American Basketball Association.
The sum of money to be paid totals $24.5 million, per the Indianapolis Star.
Approximately 115 former ABA players who played at least three seasons but didn’t qualify for benefits through the NBA players’ pension plan will be eligible.
Players will receive annual payments of $3,828 for each year of service — so a three-year ABA-er will receive $11,484 per year.
Indianapolis-based nonprofit Dropping Dimes Foundation was behind the effort. The organization says that many retired players are struggling to make ends meet as they age.
“It’s an incredible day for former ABA players,” said CEO and founder Scott Tarter, “one that we and the players have been hoping for and working so hard toward for many years.”
