Welts was named one of the 125 Most Influential people in sports over the past 25 years by Sports Business Journal in 2025.

Welts stepped away from his position as President & Chief Operating Officer of the Golden State Warriors in June 2021 after 10 seasons with the club, during which time the team reached the NBA Finals in five consecutive years and won three NBA championships (2015, 2017, and 2018). Additionally, Welts oversaw the development and opening of one of the world’s top arenas, Chase Center, in September 2019. The project—a privately financed sports and entertainment venue and district in San Francisco’s Mission Bay neighborhood—required Welts to navigate a complex and challenging political environment. During his tenure at the Warriors, the team became the NBA’s highest revenue-generating team and one of the most valuable sports franchises in the world. In recognition of the organization’s business success, Sports Business Journal named the Warriors the “Sports Team of the Year” in both 2014 and 2016—the only team to win the coveted award on multiple occasions—and, in 2019, Sports Business Journal named the Warriors “Franchise of the Decade,” an award that recognizes one organization among all U.S. professional sports teams. In 2021, Stanford's Graduate School of Business published, Rick Welts: NBA League and Club Leadership Roles Provide Platform for Broader Societal Change, a case study on Welts' career, from his days as a ball boy for the Seattle Supersonics, through college, and the NBA. Welts owns an all-encompassing resume that includes a myriad of different roles spanning every level of professional sports team management.

Prior to joining the Warriors in October 2011, he spent nine years as President of the NBA’s Phoenix Suns, supervising all business operations for the Suns, the Phoenix Mercury (WNBA), and the team’s arena. The Phoenix Mercury won WNBA championships in 2007 and 2009.

Prior to joining the Suns, Welts enjoyed a successful 17-year (1982-1999) stint at the NBA League Office in New York, where he ascended through the ranks to eventually become the league’s third-in-command as the executive vice president, chief marketing officer, and president of NBA Properties. In addition to his overall contributions in building the NBA brand, image, and popularity, his notable accomplishments at the NBA include the creation of NBA All-Star Weekend in 1984 and the marketing program for USA Basketball for the 1992 Olympic “Dream Team” in Barcelona. Together with WNBA President Val Ackerman, Welts was named “Marketer of the Year” by Brandweek in 1998 for his role in creating and launching the WNBA. During his time at the NBA office, he supervised a wide range of departments, including corporate sponsorship, media sales, consumer products, international business activities, media relations, community relations, team services, special events, and creative services. Welts also played a prominent role in the organization of preseason games in international cities and the opening of international NBA offices in Australia, Asia, Europe, Mexico, and Canada.

Welts was hired at the NBA in 1982 by David Stern, two years before Stern was named NBA Commissioner—a role in which Stern served for 30 years. When Stern passed away in 2020, Welts was a speaker at the memorial service at Radio City Music Hall honoring his mentor and boss.

A native of Seattle, Washington, Welts began his NBA career in 1969, at the age of 16, as a ball boy with the Seattle SuperSonics. He spent 10 years with his hometown team, serving in several roles, including as the team’s director of media relations during back-to-back appearances in the NBA Finals (1978 and 1979) and the Supersonics’ lone NBA Championship in 1979. After his tenure with the SuperSonics, the University of Washington product spent the following three years (1980-1982) at Bob Walsh & Associates, a sports marketing firm in Seattle. His non-NBA resume also includes serving as president of Fox Sports Enterprises (1999-2000) during Fox’s ownership of the Los Angeles Dodgers.

In May of 2011, in a front-page story in the New York Times, Welts became the highest-ranking executive in men’s professional team sports to publicly acknowledge he is gay. He was presented with the United States Tennis Association’s 2011 ICON Award at the US Open in New York City, an award that recognizes and celebrates those who have had a positive impact on diversity and inclusion in the sports industry and society. Also, in 2011, he was honored with GLSEN’s (Gay, Lesbian, and Straight Education Network) Respect Award, which honors those who have made a difference in the areas of diversity and inclusion. In September 2014, he was honored by GLAAD, the nation’s LGBTQ media advocacy organization, with the Davidson/Valenti Award, which is presented to an LGBTQ media professional who has made a significant difference in promoting equality. He also served as the celebrity Grand Marshall of San Francisco’s Pride Parade in 2015. In 2016, he was honored by the Anti-Defamation League with its “Torch of Liberty Award.” He was elected to the LGBTQ Sports Hall of Fame in 2026.

A member of the Delta Chi fraternity while attending the University of Washington, he was named “Delta Chi of the Year” by the national organization in 2015. In June 2019, Welts delivered the commencement address at his alma mater, the University of Washington, in front of 40,000 people at Alaska Airlines Field at Husky Stadium in Seattle.

Welts currently serves as a member of the Board of Governors of the Naismith Memorial Basketball Hall of Fame, and is a board member of the NWSL Bay FC and the Dallas Regional Chamber. He and his husband, Todd Gage, were married in 2020 by San Francisco Mayor London Breed in a ceremony in her office at City Hall.