FILE - In this May 31, 2018, file photo, NBA Commissioner Adam Silver speaks at a news conference before Game 1 of basketball's NBA Finals between the Golden State Warriors and the Cleveland Cavaliers, in Oakland, Calif. A diversity report released shows the NBA continues to lead the way in men's professional sports in racial and gender hiring practices. The league earned an A+ for racial hiring practices and a B for gender hiring practices for an overall grade of an A. (AP Photo/Jeff Chiu, File)
FILE - In this May 31, 2018, file photo, NBA Commissioner Adam Silver speaks at a news conference before Game 1 of basketball's NBA Finals between the Golden State Warriors and the Cleveland Cavaliers, in Oakland, Calif. A diversity report released shows the NBA continues to lead the way in men's professional sports in racial and gender hiring practices. The league earned an A+ for racial hiring practices and a B for gender hiring practices for an overall grade of an A. (AP Photo/Jeff Chiu, File) Credit: Jeff Chiu

NBA Commissioner Adam Silver has received a five-year contract extension, a reward for accomplishments that include rapid growth in the value of franchises and attendance records around the league being set annually.

Board of Governors Chairman Larry Tanenbaum of the Toronto Raptors announced the deal, one that keeps Silver under contract through the 2024 NBA Finals. Financial terms were not disclosed.

Silver, 56, led a very smooth series of negotiations with the NBA players union on the way to a new collective bargaining agreement in 2016 – one where salaries around the league soared thanks to a $24.1 billion, nine-year television and media rights deal that he helped strike with Disney and Turner Sports two years earlier.