Phil Knight Ends Pursuit of Portland Trail Blazers as Team Officially Hits Market

Nike co-founder Phil Knight officially stepped away from contention to purchase the Portland Trail Blazers, confirming on Wednesday that he no longer holds interest in acquiring the franchise, which was formally put up for sale by the estate of the late Paul Allen.

Knight, a lifelong Oregonian and chairman emeritus of Nike Inc., had been widely seen as a logical buyer given his prior interest and deep ties to the region. “Five years ago, when I was a younger man, I had a great interest in being a part of the Portland Trail Blazers franchise. However, at my current age, I can confirm that I no longer have interest in acquiring the team,” Knight stated through Nike.

The announcement follows the confirmation from Paul Allen’s estate on Tuesday that the process to sell the Blazers has officially begun. Allen, the Microsoft cofounder who died in 2018, had instructed in his will that his sports holdings eventually be sold, with proceeds directed to philanthropic causes. His estate remains under the management of his sister, Jody Allen, who has overseen the Trail Blazers and NFL’s Seattle Seahawks since his death.

Although speculation had mounted in recent years about a potential bid from Knight, especially after he reportedly offered more than $2 billion in 2022, Jody Allen declined the offer at the time, citing the complexity and long-term nature of managing Allen’s estate. “There is no pre-ordained timeline by which the teams must be sold,” she had said then, acknowledging that winding down estates of this scale could take up to two decades.

The sale of the Trail Blazers is now being handled by investment firm Allen & Company and legal advisors at Hogan Lovells. It is expected to continue into the upcoming NBA season, with no clear frontrunner to purchase the team at this stage. While the Trail Blazers are officially on the market, Allen’s other sports properties — the Seahawks and a stake in the MLS’s Seattle Sounders — are not currently for sale.

U.S. Senator Ron Wyden weighed in on Wednesday, urging NBA Commissioner Adam Silver to ensure the franchise remains in Portland. “Blazermania brought this city together, and that legacy must not be lost,” he wrote, referencing the team’s 1977 championship and cultural significance in Oregon.

According to CNBC, the Blazers were valued at $3.65 billion earlier this year. In contrast, the Boston Celtics fetched $6.1 billion in March, suggesting a high-value sale could be ahead for the Portland franchise.

The Trail Blazers, who finished this season with a 36-46 record and missed the playoffs for a fourth consecutive year, currently hold the 11th pick in next month’s NBA Draft.