PORTLAND, Oregon - Nike co-founder Phil Knight said Wednesday he was not interested in buying the upcoming Portland Trail Blazers.

Paul Allen's property said Tuesday it has begun the process of finding a new owner for the team. Allen, the Microsoft billionaire co-founder, died in 2018, prescribed his will to ultimately sell his sports products.

Emeritus chairman of Nike Inc., Beaverton, speculates that the Cavaliers may step in to buy a blazer because he expressed interest a few years ago.

"Five years ago, when I was a young man, I was very interested in being part of the Portland Trail Blazers franchise. But at my current age, I can confirm that I am no longer interested in getting a team."

Allen owns the Trail Blazers, the NFL's Seattle Seahawks, and the Major League Baseball (MLB) Seattle Voice, who died at the age of 65 due to complications from non-Hodgkin's lymphoma. Since then, his sister Jody Allen has served as the trustee of the Trail Blazers, Seahawks and Paul G. Allen Trust.

Allen's legacy was in line with Allen's directive for "final sale of his sports holding company and bringing all real estate proceeds" to charity. The Seahawks and sound machines are not currently for sale.

Jody Allen reportedly rejected Knight's proposal to buy the Trail Blazers for over $2 billion in 2022. At the time, she said in a rare statement that there was no ongoing discussion about the sales team at that time.

“Given that Paul plans to dedicate his vast majority of his wealth to charity, this change will come, but the legacy of this size and complexity may take 10 to 20 years to reduce,” she said. “There is no scheduled timeline that has to be sold.”

The estate has hired New York investment company Allen & Company and law firm Hogan Lovells to lead the sales process, which is expected to continue into the next NBA season.

U.S. Senator Ron Wyden wrote to NBA Commissioner Adam Silver on Wednesday, urging the NBA to ensure that the Trail Blazers remain in Portland and have lived since 1970.

He pointed to the NBA championship for the 1977 team, as well as the "Blazermania" who grabbed the city and attracted the hero from players including Bill Walton and Maurice Lucas.

CNBC earlier this year commented on Trail Blazers at $3.65 billion. In March, the Boston Celtics sold for $6.1 billion.

The Trail Blazers ended the game 36-46 this season and missed the playoffs for the fourth straight year. They finished the 11th pick in the NBA draft next month.