Nike co-founder Phil Knight and real-estate investor Alan Smolinisky have reached out "numerous times" regarding a potential purchase of the Portland Trail Blazers, only to be rebuffed by team governor Jody Allen, according to the Wall Street Journal's Rachel Bachman.

"The 85-year-old Knight is concerned about the future of Portland—his hometown which has recently been beset by social problems—and he wants to cement the team's future there, according to people familiar with Knight and Smolinisky's plans," Bachman reported.

The long-term future of the Trail Blazers was thrown into doubt when Paul Allen died in 2018. He had left instructions to steadily sell off his assets, which includes the Blazers, following his death. Jody, his sister, is the executor of his estate and the trustee for the Paul G. Allen Trust.

ESPN's Adrian Wojnarowski reported in June 2022 that Knight and Smolinisky, who has an ownership stake in MLB's Los Angeles Dodgers, submitted a written offer of $2 billion to buy the team.

Jody Allen issued a statement shortly thereafter saying neither the Trail Blazers nor the NFL's Seattle Seahawks, which the Allen family also owns, is for sale. She added that "estates of this size and complexity can take 10 to 20 years to wind down."

The $4 billion sale of the Phoenix Suns to Mat Ishbia will have an inflationary effect on the market. Sportico valued the Trail Blazers at $2.29 billion in mid-December, so they could be worth $3 billion or more in an actual transaction.

Bachman reported Knight and Smolinisky have reached out to Allen this year and "indicated that they realized the price had gone up and that they were willing to pay more than their initial offer." However, she referred them to Blazers vice chair Bert Kolde as she had done before.

Given his ties to the Portland area and the sizable wealth he has attained through Nike, Knight is perhaps the most logical choice to succeed the Allen family as the majority stakeholder in the Blazers.

But Allen is making it clear she has no intentions of parting with the franchise anytime soon.