Three years ago, Nike founder Phil Knight led an ownership group that made an offer to buy the Portland Trail Blazers. However, with the team now officially for sale, he is no longer interested. The Athletic’s Mike Vorkunov provided a statement from Knight, establishing that he will not attempt another offer.

“Five years ago, when I was a younger man, I had a great interest in being a part of the Portland Trail Blazers franchise,” [Knight] said in a statement. “However, at my current age, I can confirm that I no longer have interest in acquiring the team.”

The original offer was reportedly over $2 billion, and featured an ownership group including Los Angeles Dodgers part-owner Alan Smolinisky. After the Blazers ownership rejected the offer, the group made another attempt in 2023, but were again rebuffed.

Since that time, valuations of NBA teams have continued to climb. In February CNBC valued the Blazers as the 22nd most valuable franchise at $3.65 billion with revenue of $339 million annually. The Boston Celtics have sold recently for $6.1 billion, while in 2023 the Phoenix Suns sold for $4 billion, the Milwaukee Bucks went for $3.5 billion, and the Dallas Mavericks brought in $3.5 billion.

Meanwhile, Knight’s personal fortune has likely declined during the same period. Nike stock has fallen from a high of 179.10 in November of 2021 to a price of 62.66 on May 14, 2025. Last year, Bloomberg detailed some of the possible causes of Nike’s sudden decline from relevance.

It is not currently known if Alan Smolinisky still has interest in the Blazers.