Nike founder Phil Knight makes bid to purchase Portland Trail Blazers
Nike co-founder Phil Knight has been part of the bid for the Portland Trail Blazers, who were valued at $2.05 billion in 2021.
Nike founder Phil Knight and Dodgers co-owner Alan Smolinisky have submitted an offer of more than $2 billion to purchase the Portland Trail Blazers, according to ESPN on Thursday.
Knight, 84, was born in Portland and attended the University of Oregon. In 1964, he co-founded Nike with Oregon track coach Bill Bowerman and the company has its headquarters in Beaverton, Oregon.
In 2016, Knight stepped down as chairman and CEO of Nike after 52 years of running the corporation. He is worth a reported $50 billion.
Knight and Smolinisky in talks
The Portland Trail Blazers was last purchased in 1988 by Microsoft co-founder Paul Allen. Since then, the team has been owned by Paul’s estate, which is overseen by his sister, Jody. Knight and Smolinisky have been in talks with the Paul G. Allen Trust about a takeover.
Allen’s sister, Jody, has been managing the trust since her brother’s death in 2018. Forbes valued the Trail Blazers at $2.05 billion in 2021, making it the 13th-most valuable franchise in the NBA.