Nike Billionaire Knight Reportedly Bid Over $2 Billion For NBA Trail Blazers

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Topline

Phil Knight, the billionaire founder of Nike, has submitted an offer to buy the Portland Trail Blazers from the NBA, ESPN and the New York Times reported Thursday afternoon, citing unnamed sources.

Highlights

The offer is worth more than $2 billion, the two outlets reported.

Alan Smolinisky, minority owner of MLB’s Los Angeles Dodgers, is also part of the offer, according to ESPN and NYT.

Forbes estimated the Blazers to be worth $2.05 billion in its October 2021 valuation.

ESPN noted that discussions are ongoing that the sale of professional sports teams may be a notoriously long treat.

Large number

$47.3 billion. That’s what Knight and his family are worth according to Forbes‘ latest calculations, largely due to his stake in Nike.

Key Context

It 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-breaking deal worth $100,000. $3.3 billion. The Blazers were owned by Microsoft co-founder Paul Allen until his death in 2018, and are now owned by a family trust. The 84 year old knight was inducted to 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 made an offer for the Portland Trail Blazers (New York Times)

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