Nike co-founder Phil Knight won't be buying the Portland Trail Blazers.

"Five years ago, when I was a younger man, I had great interest in being a part of the Portland Trail Blazers franchise," Knights said Wednesday, per Mike Vorkunov of The Athletic. "However, at my current age, I can confirm that I no longer have interest."

The Trail Blazers announced Tuesday that a formal process to sell the franchise was underway. The organization has been controlled by the estate of late owner Paul Allen, who died in 2018. His sister, Jody Allen, is the trustee of the Allen family estate.

Allen, a co-founder of Microsoft, bought the Blazers for $70 million in 1988. The team ranks as the NBA's 23rd-most valuable franchise at $3.6 billion, according to Sportico.

Knight, a Portland native, attended the University of Oregon in nearby Eugene and is the wealthiest Oregonian with a net worth of $35.4 billion, according to Forbes.

The 87-year-old attempted to buy the Blazers in 2022, making a $2-billion offer with Los Angeles Dodgers co-owner Alan Smolinisky. However, Allen's estate rejected the bid.