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.

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.