Nike co-founder Phil Knight is no longer interested in purchasing the Portland Trail Blazers, he said in a statement Wednesday.
“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 The Oregonian/OregonLive. “However, at my current age, I can confirm that I no longer have interest in acquiring the team.”
Knight, 87, along with Alan Smolinisky, a minority owner of the Los Angeles Dodgers, reportedly made an offer in 2022 of just over $2 billion to purchase the Blazers from the estate of Paul Allen, who died in 2018 at age 65.
Allen’s sister, Jody Allen, who is also the chair of the Trail Blazers franchise, is the estate’s trustee.
Jody Allen rejected Knight’s offer and reportedly refused to negotiate with his group, publicly stating that the Blazers were not for sale.
That changed Tuesday when the estate announced that the Trail Blazers would be made available for purchase.
Jody Allen’s rejection of the offer will likely prove wise. CNBC valued the Trail Blazers at $3.65 billion, 22nd among the league’s 30 teams.
In 2023, the Phoenix Suns sold for $4 billion and the Charlotte Hornets went for $3 billion.
A benefit of Knight purchasing the team was that he undoubtedly would have kept the franchise in Portland and likely poured money into the arena and the Rose Quarter.
Knight has reportedly donated about $1 billion to the University of Oregon, dramatically benefiting its sports programs.
Now, the possibility at least exists that a new owner would look to move the franchise.
Sen. Ron Wyden on Wednesday sent a letter to NBA commissioner Adam Silver selling Rip City’s love for the Blazers.
-- Aaron Fentress | afentress@Oregonian.com | @AaronJFentress (Twitter), @AaronJFentress (Instagram), @AaronFentress (Facebook)