Nike co-founder Phil Knight confirmed on Wednesday that he has no intention of bidding for the Portland Trail Blazers.

"Five years ago I was young and very eager to be a member of the Portland Trail Blazers," the now 87-year-old told TA's Mike Vorkunov. "As I've gotten older, I can confirm that I'm no longer interested in it."

Knight has deep roots in the Portland area and has always wanted to keep the team in the local area. According to ESPN, Knight and Alan Smolinewski, co-owner of the Los Angeles Dodgers, jointly proposed an offer of more than $2 billion in 2022 to try to acquire the Trail Blazers. However, the proposal was ultimately rejected by the Trail Blazers management on the grounds that the team was not for sale.

The Portland Trail Blazers were purchased by Microsoft co-founder Paul Allen in 1988. After Allen died of cancer in 2018, his sister Jody Allen took over the team and served as the executor of the Paul Allen Trust. The trust announced that the Trail Blazers have officially started the sale process, which is expected to last until the 2025/26 season.

Currently, Trail Blazers is valued at approximately $3.5 billion.