June 02, (THEWILL) – Phil Knight, the founder of Nike, and Los Angeles Dodgers part owner Alan Smolinisky have made a $2 billion proposal for the Portland Trail Blazers.
Knight’s involvement in the ownership group will likely keep the franchise in Portland. Knight, a native of Portland and a University of Oregon graduate, has ensured that Nike’s headquarters remain in the state.
The previous Trail Blazers owner Paul Allen died in 2018, and his trust stipulated that the team be sold. In recent years, his sister, Jody Allen, has led the organisation, but sources expect the team to be auctioned off in the next 6-18 months.
Bert Kolde, the Blazers’ vice chairman, is in charge of the franchise’s sale and will sell for $3 billion.
The Trail Blazers were not in Forbes’ top 50 most valued sports clubs in 2021, which implies they are worth less than the $2.35 billion Cleveland Browns. The proposed bid would still be one of the most expensive franchise sales in NBA history, coming in just behind the $2.2 billion paid for the Houston Rockets in 2017.
About the Author
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
