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 founder and chairman emeritus Phil Knight believes it's too late in the game for him to buy an NBA franchise.

Nike co-founder Phil Knight no longer has any interest in buying the Portland Trail Blazers despite putting in an offer to purchase the NBA franchise for over $2 billion in 2022