Commissioner David Stern retiring from NBA in 2014 (VIDEO)
Adam Silver (L), deputy commissioner of the NBA, speaks to the media following the NBA Board of Governors Meeting, during which Commissioner David Stern (R) outlined his plans to step down in February 2014 and nominate Silver as his successor, at the St. Regis hotel on Oct. 25, 2012 in New York City
David Stern announced Thursday that he plans to step down as NBA commissioner in 2014.
Stern will be replaced by Deputy Commissioner Adam Silver on Feb. 1 of that year, handing over the reins 30 years after he took charge of the league, The Associated Press reported.
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"It's been a great run," USA Today quoted Stern as saying in a press conference. "It'll continue for another 15 months. The league is in terrific condition."
The announcement came at an NBA Board of Governors meeting in New York, according to ESPN.
Turning 70 just last month, Stern became NBA commissioner on Feb. 1, 1984.
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He's been the league's longest-serving commissioner and is widely regarded as one of the best managers in any sport, turning basketball into a multi-billion dollar global business after the NBA struggled to find its identity three decades ago, USA Today reported.
Stern has openly discussed retiring for the past year, and has been publicly and privately pushing Silver as his successor, The New York Times reported.
He said he finally nailed down a timeline about six months earlier.