On Tuesday, it was announced that the estate of the late Microsoft co-founder Paul Allen is finally selling the Portland Trail Blazers. Many initially speculated that Phil Knight, who attempted to acquire the team for over $2 billion in 2022, would emerge as a potential buyer.
While Allen’s estate previously declined to sell, they have now decided to seek a new ownership group. However, it seems that Knight, despite his financial capability, will not be stepping in as a buyer.
The sale of the Portland Trail Blazers comes after a significant period of speculation and anticipation surrounding the future of the franchise following Paul Allen’s passing in 2018. Allen, a prominent figure in the tech industry and a passionate sports fan, purchased the team in 1988 for $70 million. Under his ownership, the Blazers experienced various highs and lows, including a trip to the NBA Finals in 1992.
Knight, who co-founded Nike and is Oregon’s richest resident, certainly has the means to make the purchase—Paul Allen acquired the Blazers for $70 million in 1988, and Forbes currently values the franchise at $3.5 billion. However, Knight indicated that his interest in the team has waned.
“Five years ago, when I was a younger man, I had a great interest in being a part of the Portland Trail Blazers franchise,” Knight stated. “However, at my current age, I can confirm that I no longer have interest.”
This statement from Knight came just a day after the Paul G. Allen Estate officially announced the sale of the franchise. Allen passed away in 2018, and his sister, Jody Allen, has been serving as the trustee of the family estate. At 87, Knight had previously made headlines in 2022 when he reportedly offered over $2 billion to purchase the Blazers, but his bid was ultimately rejected.
