NEW YORK (AP) -- NBA Commissioner David Stern has informed the NBA Board of Directors that he will retire on Feb. 1, 2014, 30 years to the day after he took charge of the league. He will be replaced by Deputy Commissioner Adam Silver.
Stern told owners during their two days of meetings of his plans, and the board unanimously decided Silver would be his successor.
Stern, who turned 70 last month, became commissioner on Feb. 1, 1984. He has been the NBA's longest-serving commissioner, establishing the league's brand around the world, presiding over team expansion and increased TV revenue.
At the news conference Silver said Stern will "be remembered as the best of all-time."
The Board of Directors also approved the sale of the Memphis Grizzlies to a group headed up by a California technology entrepreneur. The sale still must be finalized, and the Grizzlies said in a statement that is expected soon.