Nike Co-Founder Phil Knight Named One of 2023’s Biggest Philanthropists With $400M Investment to Revitalize Portland Neighborhood
With a $400 million donation to help revive a once-thriving Black neighborhood in Portland, Ore., Nike co-founder Phil Knight has earned a spot on The Chronicle of Philanthropy’s list of the biggest charitable donations of 2023.
In April, Knight and his wife, Penny, invested $400 million in the 1803 Fund, which is described as “a private equity fund for the people” with a focus on strengthening the city’s Black community. The first project of the 1803 Fund is Rebuild Albina, which is focused on transforming current and future generations of the Black community in Portland through investments in education, place and culture and belonging in the Albina area, according to a statement.
Rukaiyah Adams was appointed to head the 1803 Fund, which will also be overseen by a board of directors. Board members include Tony Hopson, founder and CEO of Self-Enhancement Inc; Ron Herndon, founder of the Portland chapter of the Black United Front and CEO of Albina Head Start; John Donahoe, Nike CEO; and Larry Miller, chairman of Jordan Brand.
When the news was announced in April, the 1803 Fund stated, “this transformational commitment could spark a renaissance for the entire city.”
The Knights, who The Chronicle of Philanthropy stated have a net worth of $43 billion, were tied for third on the list of the biggest gifts announced by individuals or their foundations in 2023. Berkshire Hathaway chairman and CEO Warren Buffet was No. 1 on the publication’s list after giving 1.5 million shares of Berkshire Hathaway Class “B” stock, valued at $541.5 million, to the Susan Thompson Buffett Foundation.
Following Buffet was Renaissance Technologies hedge fund founder James Simons and his wife, Marilyn, who gave $500 million through their Simons Foundation to the State University of New York at Stony Brook. The funds, according to The Chronicle of Philanthropy, were provided to “support the university’s endowment and to boost scholarships, professorships, research and clinical care.”
And Ross Brown, founder of the industrial equipment manufacturer Cryogenic Industries, tied the Knights for No. 3 on the list. The California Institute of Technology (Caltech) announced in November that Brown, an alumnus of the school, pledged $400 million through the Ross M. Brown Family Foundation and a donor-advised fund to establish the Brown Institute for Basic Sciences at Caltech and entrust the institute with oversight of the Brown Investigator Awards program.
The Chronicle of Philanthropy stated its rankings were based on the 10 biggest publicly announced gifts, and does not include contributions of artwork or gifts from anonymous donors.
About the Author
Peter Verry is the Senior News and Features Editor for Athletic and Outdoor at Footwear News. He oversees coverage of the two fast-paced and ultracompetitive markets, which includes conducting in-depth interviews with industry leaders and writing stories on sneakers and outdoor shoes. He is a lifelong sneaker addict (and shares his newest purchases via @peterverry on Instagram) and spends most of his free time on a trail. He holds an M.A. in journalism from Hofstra University and can be reached at peter.verry@footwearnews.com.