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.

Nike co-founder Phil Knight no longer has any interest in buying the Portland Trail Blazers despite putting in an offer to purchase the NBA franchise for over $2 billion in 2022