Phil Knight Declines to Buy Portland Trail Blazers Amid Sale Speculation
In a surprising turn of events, Phil Knight, the co-founder of Nike and a prominent figure in the sports world, has officially announced that he is not interested in purchasing the Portland Trail Blazers. This announcement comes amidst the ongoing process of finding a new owner for the team, as initiated by the estate of the late Paul Allen.
Paul Allen, the billionaire co-founder of Microsoft, passed away in 2018, leaving behind a legacy that included ownership of the Trail Blazers, the NFL’s Seattle Seahawks, and a stake in Major League Soccer’s Seattle Sounders. In his will, Allen had stipulated the eventual sale of his sports properties, with the proceeds directed towards philanthropy. This directive has now set the wheels in motion for the sale of the Trail Blazers.
Speculation had been rife that Knight, who is the chairman emeritus of Beaverton, Oregon-based Nike Inc., might step in to acquire the Blazers. After all, he had expressed interest in the team a few years back. However, Knight, now 87, has put those rumors to rest. “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 in a statement released via Nike.
Jody Allen, Paul Allen’s sister, has been at the helm of the Blazers and the Seahawks as chair and trustee of the Paul G. Allen Trust since her brother’s passing. She has been overseeing the estate’s affairs, which include the eventual sale of the Trail Blazers. In a statement, the estate emphasized that the sale aligns with Paul Allen’s “directive to eventually sell his sports holdings and direct all estate proceeds to philanthropy.” Notably, the Seahawks and the Sounders are not currently on the market.
Back in 2022, Jody Allen reportedly turned down an offer from Knight to purchase the Blazers for more than $2 billion. At that time, she clarified that there were no ongoing discussions about the sale of the teams. “A time will come when that changes given Paul’s plans to dedicate the vast majority of his wealth to philanthropy, but estates of this size and complexity can take 10 to 20 years to wind down,” she explained. “There is no pre-ordained timeline by which the teams must be sold.”
To facilitate the sale, the estate has enlisted the services of New York investment firm Allen & Company and law firm Hogan Lovells. The sales process is expected to extend into the next NBA season, keeping fans and stakeholders on their toes as they await the next chapter in the Trail Blazers’ history.
Meanwhile, U.S. Senator Ron Wyden has taken a proactive stance, writing to NBA Commissioner Adam Silver to ensure that the Trail Blazers remain in Portland, where they have been a staple since 1970. Wyden highlighted the team’s NBA championship win in 1977 and the “Blazermania” that swept the city, turning players like Bill Walton and Maurice Lucas into local legends.
In terms of financial valuation, CNBC earlier this year pegged the Trail Blazers at $3.65 billion. This figure is particularly noteworthy when compared to the recent sale of the Boston Celtics, which fetched a staggering $6.1 billion in March.
On the court, the Trail Blazers have faced challenges, finishing the season with a 36-46 record and missing the playoffs for the fourth consecutive year. As they look to the future, the team holds the 11th pick in the upcoming NBA draft, offering a glimmer of hope for a turnaround.
- Phil Knight, Nike co-founder, declines interest in buying the Trail Blazers.
- Paul Allen’s estate initiates the sale process for the team.
- Jody Allen oversees the estate, with a focus on philanthropy.
- Senator Ron Wyden advocates for keeping the team in Portland.
- Trail Blazers valued at $3.65 billion, with the Celtics recently selling for $6.1 billion.
- Team finishes the season 36-46, missing the playoffs for the fourth year.
Originally Written by: ESPN.com
