Nike founder Phil Knight offers to buy Portland Trail Blazers for over $2 billion

Nike founder Phil Knight has offered over US$2 billion to Paul Allen Trust for the purchase of the Portland Trail Blazers basketball team, according to a report by ESPN.

The Portland-born billionaire stepped down as chairman and chief executive of Nike in 2016.

The Paul Allen Trust is part of an investment group that also includes Los Angeles Dodgers part-owner Alan Smolinisky.

According to ESPN, Knight and Smolinisky have discussed a prospective takeover with the NBA league office.

The Trail Blazers acknowledged the Knight group's written offer, but reiterated that "the team remains not for sale."

Last year, Forbes valued the Blazers at $2.05 billion.

Since the franchise's previous owner died in October 2018, the Paul Allen Trust has been in charge of it. Allen's sister, Jody, took over the trust and its affairs.

Knight, like Silver, is said to want to keep the Blazers in Portland, a city with which he has strong ties.

Last week, NBA commissioner Adam Silver stated that the Blazers will have to be sold "at some point," but that no timetable for such a sale has been set.