Massive Potential Suitor Opts Out of Buying Blazers

The Portland Trail Blazers are a young, up-and-coming team who are in a state of transition. They are looking for new ownership, which could make or break the future of the team.

One of the biggest names reportedly on the market to buy the team was Phil Knight, but he has now opted out of the team-buying process.

Previous owner Paul Allen, who was a billionaire cofounder of Microsoft, died in 2018 and left stipulations in his will for the eventual sale of the team.

Many people speculated Knight would be the one to buy the team given his Oregon ties, but the Nike co-founder has declared he is no longer interested in buying the team.

"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 said in a Nike statement.

Paul Allen's sister, Jody Allen, has served as of the Blazers since his passing. She reportedly turned down an offer of more than $2 billion from Knight to buy the team back in 2022.

Paul Allen's directive for the sales of his teams, which also includes the Seattle Seahawks and Seattle Sounders, was "to eventually sell his sports holdings and direct all estate proceeds to philanthropy.”

Jody Allen said on the process of selling the team, "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. There is no pre-ordained timeline by which the teams must be sold.”

The Blazers are far from a big market, but are still a storied franchise in their own right. They have had some all-time greats, such as Bill Walton and Clyde Drexler, and won the NBA championship back in 1977. More recently, Damian Lillard got plenty of attention as a star player during his Blazers tenure.

According to CNBC, the Trail Blazers are valued at $3.65 billion, which is a little over half of the $6.1 billion the Boston Celtics sold for back in March. That price point may have been the reason for Knight pulling out of the running, along with his age.

The team as it is currently built isn't a championship contender, but the roster of youngsters surprised some people last season by finishing 11th in a competitive Western Conference. It is unfortunate for Blazers fans Phil Knight is no longer interested in buying the team, but there should still be hope the right ownership group will come in and buy the team, returning it to former glory.

More Blazers news:

Trail Blazers Were Just One Ball Away From Top Draft Pick

Blazers Have Major Decision to Make on Jerami Grant

Blazers' Potential Contract Options For Shaedon Sharpe Extension

For all the latest news and notes on the Portland Trail Blazers, visit Portland Trail Blazers on SI.