Nike co-founder Phil Knight will not make a bid to buy the Portland Trail Blazers, the 87-year-old said in a statement shared Wednesday by The Athletic's Mike Vorkunov.

Nike Inc. cofounder Phil Knight has repeatedly expressed interest in buying the Portland Trail Blazers, but now that it’s finally for sale, he has decided to pass on the chance to own the NBA franchise.

The Portland Trail Blazers are for sale. The estate of former owner Paul Allen announced Tuesday that it has begun a process to sell the franchise that is expected to bleed into the 2025-26 season. It has hired investment bank Allen & Co.