PORTLAND, Ore. — Phil Knight, co-founder of Nike, reportedly confirms he is no longer interested in buying the Portland Trail Blazers, following Tuesday’s announcement that the NBA franchise is up for sale.

“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 to Mike Vorkunov, an NBA reporter for The Athletic. “However, at my current age, I can confirm that I no longer have interest.”

Knight, 87, along with Alan Smolinisky, a minority owner of the Los Angeles Dodgers, reportedly submitted an offer of more than $2 billion to buy the Portland Trail Blazers in 2022. At the time, the Blazers’ franchise was valued at just over $2 billion. Knight submitted a second offer the following year, but was turned down again.

When news broke Tuesday that the franchise had started a formal process to sell the franchise, many eyes turned to Knight to see if Oregon’s dominant business figure and philanthropist still wanted in.

The Blazers are currently managed by the estate of Paul Allen, the former owner of the Blazers. Before Allen’s death in 2018, he directed that all his sports holdings be sold eventually and that all estate proceeds be directed to philanthropy. Allen’s sister, Jody Allen, has served as Trail Blazers governor since his death. She also oversees the Allen Trust. 

Allen bought the team for $70 million in 1988. According to the latest estimate from Sportico, the Blazers’ franchise is now valued at $3.6 billion, which ranks 23rd out of 30 teams in the NBA. Eben Novy-Williams, deputy editor of Sportico, said he expects the Blazers will sell for more than that number, likely between $4 and $5 billion.

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