Nike founder and chairman emeritus Phil Knight believes it’s too late in the game for him to buy an NBA franchise. Knight, 87, issued a statement citing his age as a primary roadblock to purchasing the Portland Trail Blazers. The team is on the market and being sold by the estate of Paul Allen. “Five […]
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Nike’s Phil Knight cites age (87), denies he’s buying Blazers
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Nike founder and chairman emeritus Phil Knight believes it’s too late in the game for him to buy an NBA franchise.
Knight, 87, issued a statement citing his age as a primary roadblock to purchasing the Portland Trail Blazers. The team is on the market and being sold by the estate of Paul Allen.
“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 said in a statement issued by Nike.
Allen owned the Seattle Seahawks (NFL), Blazers and a 25 percent stake in the Seattle Sounders (MLS) when he died at age 65 from non-Hodgkin lymphoma in 2018.
Allen bought the Blazers in 1988 for $70 million and the franchise has a valuation of more than $3.5 billion, according to Sportico. The Boston Celtics recently sold for $6.1 billion.
The Seahawks and the minority stake in the Sounders are not for sale, according to the trust’s announcement of plans to sell the NBA franchise.
His sister, Jody Allen, is the acting governor of the Blazers and executor for the Paul G. Allen Trust. Jody Allen declined Knight’s offer — made in partnership with Los Angeles Dodgers minority owner Alan Smolinsky — to buy the Blazers for more than $2 billion in 2022, according to reports.
Paul Allen’s will directs the existing trust “to eventually sell his sports holdings and direct all estate proceeds to philanthropy.”
–Field Level Media