The NBA will investigate racist comments made by Los Angeles Clippers' owner Donald Sterling before imposing any sanctions.
Silver said Sterling was owed due process but that the league would move "extraordinarily quickly" in gathering and verifying facts surrounding the recording released by TMZ.
"All members of the NBA family should be afforded due process and a fair opportunity to present their side of any controversy," Silver said. "The core of the investigation is understanding whether the tape is authentic, interviewing Mr. Sterling and interviewing the woman as well and understanding the context in which it was recorded."
Silver spent part of Saturday communicating with the other owners, along with Doc Rivers, Chris Paul and league attorneys while flying into Memphis on a previously scheduled visit.
Paul is president of the National Basketball Players Association, as well as the point guard of the Clippers.
"There are broad powers in place under the NBA's constitution and bylaws that include a range of sanctions," Silver said. "All of those will be considered depending on the findings of our investigation."
President Barack Obama also addressed the situation, calling the reported remarks "incredibly offensive" and expressing confidence in Silver and the NBA to handle the matter.
"I don't think I have to interpret those statements for you; they kind of speak for themselves," Obama said, speaking at a Sunday news conference in Malaysia. "When ignorant folks want to advertise their ignorance, you don't really have to do anything. You just let them talk. And that's what happened here."