Nike co-founder Phil Knight said Wednesday he is not interested in buying the Portland Trail Blazers, who are up for sale. Paul Allen's estate said Tuesday it has begun the process of finding a new owner for the team.

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.

Oregon Ducks legend and Nike co-founder Phil Knight has opened up about his potential involvement in purchasing the Portland Trail Blazers.