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.

The Portland Trail Blazers announced yesterday that the franchise would be put up for sale for only the second time in team history. This event is rarer than any save the 1977 World Championship. The Blazers have picked first in the NBA Draft,