Nike co-founder and former CEO Phil Knight and his wife, Penny, announced on Monday that they are donating over $400 million to help rebuild the underserved, Black communities in Portland.
His contribution will go towards the Rebuild Albina project created to restore the Albina area. The project is managed by the 1803 Fund, which is led by Rukaiyah Adams, Tony Hopson, Ron Herndon, John Donahoe, and Larry Miller.
It goes without saying that Knight is one of the wealthiest individuals in Oregon, with a net worth of $47.7 billion, according to the Bloomberg Billionaire Index (as of April 24, 2023). He served as Nike’s chief executive officer, previously Blue Ribbon Sports, for 52 years, from 1964 to 2016.
“Penny and I have long believed in the community of Portland. Some of my most important memories are connected to the Eastside of Portland,” Knight wrote in a statement.
“The handshake deal with Bill Bowerman that launched Nike happened in Lower Albina near Memorial Coliseum. And Lower Albina was the focus of the initial agreement struck with Ron Herndon and Tony Hopson to build a Nike retail store with a share of the profits invested back into the community.”
Knight has said he plans on giving away most of his money to charity upon retirement and placed a bid for the Portland Trailblazers last year.
Photo courtesy of Michael Hickey, Getty Images
