Topline
Phil Knight, the billionaire founder of Nike, has submitted a bid to buy the NBA’s Portland Trail Blazers, ESPN and the New York Times reported Thursday afternoon, citing anonymous sources.
Nike founder Phil Knight speaks at an event in 2016.
Key Facts
The offer is for more than $2 billion, both outlets reported.
Alan Smolinisky, a minority owner of the MLB’s Los Angeles Dodgers, is also a part of the bid, according to ESPN and NYT.
Forbes estimated the Blazers to be worth $2.05 billion in its October 2021 valuation.
ESPN noted discussions are ongoing, and the sale of professional sports teams can be a notoriously lengthy process.
Big Number
$47.3 billion. That’s how much Knight and his family are worth according to Forbes’ latest calculations, largely due to its stake in Nike.
Key Background
This would be the first sale of an NBA team since Alibaba co-founder and billionaire Joe Tsai bought the Brooklyn Nets in 2019 in a record deal worth $3.3 billion. The Blazers were owned by Microsoft co-founder Paul Allen until his death in 2018, and is now owned by a family trust. The 84-year-old Knight was inducted into the Naismith Memorial Basketball Hall of Fame in 2012 for Nike’s contributions to the sport.
Further Reading
Nike Founder Phil Knight and a Dodgers Co-Owner Bid for Portland Trail Blazers (New York Times)
Source: https://www.forbes.com/sites/dereksaul/2022/06/02/nike-billionaire-knight-reportedly-makes-2-billion-plus-offer-for-nbas-trail-blazers/