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.

Paul Allen’s estate announced that it has begun the process of selling the Portland Trail Blazers. Allen bought the Trail Blazers in 1988, telling the The Associated Press at the time that “for a true fan of the game,