A two-time NBA All-Star and celebrated former University of Wisconsin basketball player announced a scholarship Friday that will be awarded annually to an African-American student-athlete at UW.

“I wanted to give back to the university that was so instrumental to me as a basketball player and as a man,” Michael Finley, a retired NBA player most recognized for his time with the San Antonio Spurs, said at a press conference Friday at the Kohl Center. “This is something that is going to hopefully live a lot longer than myself. It’s a way of extending my legacy here at the university and giving another kid the opportunity to fulfill their dreams through the [UW].”

As it is an endowed scholarship, funds will accumulate each year through gains made on the principal investment, with portions set aside each year for scholarships.

“We are just thrilled about Michael’s generous gift,” Associate Athletic Director Marija Pientka said in an email to The Badger Herald. “We appreciate the support of all our fans, but it is especially meaningful when a former athlete decides to give back. Michael was a leader when he played for the Badgers, and remains so today by setting a great example to others.”

Finley’s career at UW spanned from 1991 to 1995, during which he set several records, including being the only player in Badger history to score 500 points in three separate seasons, score more than 2,000 points over his career and average more than 20 points per game, according to a statement from the university.

He also played a crucial role in the resurgence of men’s basketball at UW in the early nineties, leading the Badgers to their first appearance in the NCAA tournament in 47 years during the 1994 season.

Finley was a first-round draft pick by the Phoenix Suns in 1995 and was appointed to the NBA All-Rookie Team, the statement said. He went on to play for the Dallas Mavericks, San Antonio Spurs and Boston Celtics during his 15-year NBA career. He also helped the Spurs rein in the NBA Championship in 2007.

“During my four years here, we had to go through many adverse situations: different coaches to losing games to losing seasons. But I was able to hone my leadership skills, and I’ve carried what I’ve learned from those situations through my NBA career and business ventures I’ve been a part of. My foundation as a leader definitely started at the UW,” Finley said.

The announcement of the Michael Finley Foundation Scholarship comes on the heels of recent state legislation that would ban minority status as a factor in awarding state-sponsored student grants. The state Assembly gave preliminary approval Friday with a 58-35 vote. Democrats were indignant, saying underrepresented students are disproportionally affected by poverty, and the bill would prevent qualified students from reaching their educational and career goals.

Republicans maintained that eliminating race as a consideration for grants would allow more equal considerations for all students who display financial need. Despite the vote in favor of the bill, Democrats opposed sending it to the state Senate and further deliberation will be postponed until lawmakers reconvene in January.

“The beauty of it is that I am the result of what can happen when you get out of a not-so-great environment and come to an environment like this,” Finley said. “It can make you a better person. By having my scholarship available to African-Americans, it provides an opportunity that may not have been there otherwise.”