Phil Knight no longer wants to buy the Portland Trail Blazers. Here's why

PORTLAND, Ore. (KOIN) – The Portland Trail Blazers are up for sale, but Nike co-founder Phil Knight says he’s not buying.

When Paul Allen’s estate announced Tuesday that it had begun the process of selling the NBA team, rumors began to circulate that Knight may take over as the next owner.

However, on Wednesday, Knight shared that he was no longer interested, according to Bloomberg News.

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

Early speculation stemmed from Knight’s bid to purchase the team in 2022, when he made an offer of $2 billion following the owner’s death in 2018.

Allen, the billionaire co-founder of Microsoft, died at age 65 from complications of non-Hodgkin lymphoma. Since then, his sister has served as a chair and the primary trustee of the Paul G. Allen Trust.

Jody Allen turned down Knight’s offer at the time, stating there were no ongoing discussions about the sale of her brother’s teams. 

The estate currently owns the Portland Trail Blazers and the Seattle Seahawks in addition to being co-owner of Major League Soccer’s Seattle Sounders. A statement on Tuesday said the Blazer’s sale would not impact the Seahawks or the Sounders.

Allen bought the blazers for $70 million. This year, CNBC reported the team is worth $3.65 billion. All those proceeds will go to charity, per Allen’s wishes.

Stay with KOIN 6 News as we continue to follow this story.