The National Basketball Retired Players Association announced Wednesday that it had signed a new five-year licensing agreement with the N.B.A. that could be worth more than $5 million to the association.
The agreement, which will roughly double the previous five-year deal that expired on Sept. 30, allows the N.B.A. to continue to use the names and likenesses of groups of retired players like Connie Hawkins, Elgin Baylor and Moses Malone.
In return, the players whose likenesses are chosen to create promotional items like video games, retro jerseys, bobblehead dolls, posters or T-shirts, will receive 4 percent of the revenue that the league earns on those items.
"This partnership with the N.B.A., as well as the support we have received from the Players Association, puts the organization on solid financial ground," said Mel Davis, the former St. John's star and first-round draft pick of the Knicks who is the chief executive and executive director of the retired players association.
"It will allow us to expand the range of services and benefits we provide to our members," Davis said.
Mike Bass, the N.B.A.'s vice president for public relations, said: "The league looks forward to continuing our strong and successful partnership with the retired players association. Together, we'll explore opportunities to grow the sport and build on the partnership.''
The association, founded in 1992 by the former N.B.A. stars Dave Bing, Archie Clark, Oscar Robertson, Dave Cowens and Dave DeBusschere, was established to provide health benefits and business opportunities for retired players.
"The agreement is one indication of the retired players brand from a marketing perspective," said Dan Wasserman, a licensing consultant with Forsport who assisted the retired players in their negotiations with the N.B.A.