Latest news with #PhilKnight
Irish Times
25-05-2025
- Sport
- Irish Times
Nike sorely misses spirit of the great Steve Prefontaine as running values tumble
In his 2016 memoir Shoe Dog, comfortably the best book ever written about selling a pair of runners, Phil Knight talks about first getting to know Steve Prefontaine. It was at the US Olympic trials in 1972, a year after Knight relaunched his small running shoe company Blue Ribbon Sports under the brand name Nike . Blue Ribbon had originally imported Onitsuka runners from Japan, but Knight had a new marketing tactic in mind with Nike. 'By then Prefontaine was universally known as Pre and he was far more than just a phenom, he was an outright superstar,' wrote Knight. 'Pre was unlike any athlete this country has ever seen, though it was hard to say exactly why. I'd spent a lot of time studying him, admiring him, puzzling about his appeal. 'Sometimes I thought the secret to Pre's appeal was his passion. He didn't care if he died crossing the finish line, so long as he crossed first. He pushed himself to the brink and beyond... No matter the sport – no matter the human endeavour, really – total effort will win people's hearts.' READ MORE All this came to mind this week, rereading Shoe Dog, alongside some of the recent grim reading about Nike's tumbling running sales and stock values, and how the company could badly do with another Pre right now. The original 'Just Do It', Pre was only 21 at the time and turned out to be the headline act at those US trials. Wearing a pair of custom-built Nike designed by Bill Bowerman and now decorated with a 'swoosh', Pre won the 5,000m from gun to tape in an American record of 13:22.8. It earned his ticket to the Munich Olympics a month later. Knight was utterly inspired: 'Walking back down Agate Street I knew that race was part of me, would forever be a part of me. In our coming battles, with Onitsuka, with whomever, we'd be like Pre. We'd compete as if our lives depended on it... Because they did.' A month later in Munich , Pre finished fourth in the 5,000m, narrowly outsprinted for bronze by Britain's Ian Stewart. He'd run from the front for most of the last four laps and was inconsolable at the finish, convinced he was done with running. Knight and Nike changed his mind. Athlete endorsements were banned in track and field, so Nike hired him in 1973 as their national director of public affairs, on a modest salary of $5,000 a year. One of the first things Pre bought himself was a Butterscotch MG. Sadly, Pre didn't have long to live 'I remember thinking Pre was the living, breathing embodiment of what we were trying to create,' Knight recalled. 'Whenever people saw Pre going at his breakneck speed – on a track, in his MG – I wanted them to see Nike. And when they bought a pair of Nikes, I wanted them to see Pre.' Knight also joked about the time Nike missed out on signing a rising tennis star named Jimmy Connors, in the summer of 1974, after he surprisingly won Wimbledon and then the US Open. 'Disappointing, we all agreed. Besides, we all said, we've still got Pre. We'll always have Pre.' Sadly, Pre didn't have long to live. He was killed in a car accident 50 years ago in the early hours of May 30th, 1975. He'd just won his last 5,000m race, before crashing his MG into a rocky roadside ditch while returning from a celebratory party in the hills outside Eugene, Oregon. Pinned beneath the wreck of his car, he was pronounced dead at the scene. Nike's Vaporfly range is no longer the behemoth it used to be in the running shoes market. Photograph: Christopher Pike/Reuters Fifty years on, the once-breakneck speed of Nike's growth has slowed to a crawl. Its current market value of $90.51 billion is down from a peak of $281 billion in November 2021, and its stock was the Dow's second-worst performer last year. That stock value is today worth $60.21, miles off the high-water $177.51 in November, 2021. Nike's sales have also tumbled for four straight quarters, falling nine per cent year-on-year according to the latest quarterly return. Gross margins also fell to 41.5 per cent in the same quarter and Nike's earnings are now expected to fall by over 46 per cent this year. In China, Nike sales fell 17 per cent in the most recent quarter, while domestic brands like Anta and Li-Ning are racing ahead No wonder they have been scrambling around to figure out why. During the Covid pandemic, under then CEO John Donahoe, Nike made a deliberate decision to focus on sales through its own online channels, cutting back on wholesale sales. This worked wonders while people were confined to their homes, but it backfired once shoppers returned to stores after the pandemic, where the Nike products weren't well stocked. Last September, Nike announced that Donahoe was retiring and they brought back Elliott Hill as their new CEO, a Nike veteran of over 30 years. 'We're beginning to drive a more diversified portfolio,' Hill said recently. 'It will take time to reach the volume to replace the handful of classic franchises we over-indexed, but our approach is simple – help consumers fall in love with something new from Nike.' [ A sporting freak show with a cast of drugged-up athletes: welcome to the Enhanced Games Opens in new window ] [ 'Guys are segregated at Shels v Bohs and the next morning they're together at Na Fianna': 'Mossy' Quinn adapting to new Shelbourne CEO role Opens in new window ] Easier said than done. Those same consumers are fast falling in love with other brands, including long-time rivals Adidas and Puma, along with newer names such as New Balance, Hoka, and On Running, the increasingly popular Swiss brand which has benefited from some heavy investment by the likes of Roger Federer. Since Adidas appointed new CEO Bjørn Gulden in 2023, their stock price is up 74 per cent. They're also focusing more on the European market, sponsoring an increasing number of athletes and federations, including Athletics Ireland. In China, Nike sales fell 17 per cent in the most recent quarter, while domestic brands like Anta and Li-Ning are racing ahead. Donald Trump's dreaded tariffs are another problem, given Vietnam, Indonesia and China supply the majority of Nike products. There's bad news too on the super shoe front, where Nike's once unrivalled Vaporfly range is also falling behind. Puma's new Fast-R Nitro Elite 3 was recently declared by independent studies to be the fastest on the market. Earlier this month, Nike announced a new signature line of runners endorsed by Olympic champion Jakob Ingebrigtsen, who shares many traits with Pre in how he races. But maybe the problem for Nike is that there can only ever be one Pre.
Daily Mail
14-05-2025
- Business
- Daily Mail
Nike founder Phil Knight reveals his stance on Trail Blazers takeover... as club is put up for sale three years after he first tried to buy it
After being owned by Paul Allen in some capacity since 1988, the Portland Trail Blazers are set to be put up for sale. Allen, the late co-founder of Microsoft, bought the team over three-and-a-half decades ago and his estate has owned the Blazers since his passing in 2018. But now, Allen's family will be looking to sell off the team - prompting many to wonder if Oregon 's richest person, Phil Knight, would be buying the franchise. However, the 87-year-old Knight released a statement saying he has no intention of purchasing the team. The Nike founder previously expressed interest in purchasing the team in the aftermath of Allen's death, but says that his current age has dulled his desire to own the Blazers. 'Five years ago, when I was a younger man, I had a great interest in being a part of the Portland Trail Blazers franchise,' Knight said in a statement. 'However, at my current age, I can confirm that I no longer have interest.' After initially expressing interest in a purchase back in 2020, Knight and Dodgers co-owner Alan Smolinisky put forth an offer of more than $2billion to buy the team. However, the Allen estate was not interested and never had conversations to sell. According to Allen's will, control over his stakes in three professional sports teams are under the purview of his sister. As such, his sister has hired investment bank Allen & Company and law firm Hogan Lovells as advisors for a sale. Forbes values the team at $3.5billion. Allen purchased the team in 1988 for only $70million. Only the Trail Blazers are up for sale. A statement from the NBA team confirmed that the Allen estate's controlling stake in the NFL's Seattle Seahawks is not for sale, nor is the 25 percent stake in MLS' Seattle Sounders. The Blazers' statement says that the process of selling the team is expected to continue into the 2025-26 NBA season. Once an agreement on a deal has been reached, the NBA Board of Governors has to ratify a final purchase agreement. All proceeds from the sale are set to be donated to philanthropic causes, as per the wishes of Allen's will.
Geek Wire
14-05-2025
- Business
- Geek Wire
Who will buy the Blazers? Microsoft co-founder Paul Allen's estate plans to sell NBA franchise
Fans pack the Moda Center in Portland during a Trail Blazers home game. The NBA franchise, owned by the late Microsoft co-founder Paul Allen since 1988, is now officially up for sale as part of the winding down of Allen's estate. (GeekWire File Photo / Taylor Soper) The estate of late Microsoft co-founder Paul Allen announced Tuesday morning that it has begun the process of selling the NBA's Portland Trail Blazers, which would be a major milestone in fulfilling Allen's directive to sell his sports holdings and direct the proceeds to philanthropy. Allen's estate said the announcement does not impact its ownership of the Seattle Seahawks NFL franchise, or its 25% stake in the Seattle Sounders MLS team, which are not for sale. Who will buy the franchise? The news will no doubt spark months of speculation — and plenty of tech leaders with Seattle or Pacific Northwest ties could be in the mix. Microsoft co-founder Bill Gates has shown no interest in buying sports teams, at least not publicly, and he has his hands full with winding down the Gates Foundation over the next two decades. Amazon founder Jeff Bezos was reported in the past to be a possible buyer of NFL teams including the Seahawks and the Washington Commanders, but he hasn't shown any obvious interest in basketball. A group that included Nike co-founder Phil Knight, based in Oregon, made a $2 billion bid for the Trail Blazers in 2022, a move that could resurface now that the team is officially on the market. The sale is part of the long process of divesting many of the assets and investments that Allen made during his lifetime. Allen died in 2018, at the age of 65, after he was diagnosed with a recurrence of non-Hodgkin's lymphoma. The Trail Blazers sale process is expected to continue into the 2025–26 NBA season, according to the announcement. The estate has retained investment bank Allen & Company and law firm Hogan Lovells to oversee the sale. The NBA Board of Governors would need to ratify any final purchase agreement. RELATED: Remembering Microsoft's other co-founder: How Paul Allen's vision sparked a software revolution
New York Times
13-05-2025
- Business
- New York Times
Paul Allen's estate announces plan to sell Portland Trail Blazers
The Portland Trail Blazers are for sale. The estate of former owner Paul Allen announced Tuesday that it has begun a process to sell the franchise that is expected to bleed into the 2025-26 season. It has hired investment bank Allen & Co. to lead the sale and it will work with law firm Hogan Lovells for it. Advertisement The team sits in a trust Allen left behind when he died in 2018. Jody Allen, his sister, has run the Blazers for the last seven years. There has been ample speculation since Allen died about when the Blazers would be sold and when the process would begin. Allen's trust has slowly sold off its other holdings in the years since his death, including his considerable art collection. The NBA's board of governors would need to sign off on and certify any sale. Allen's estate said the proceeds of the sale would go to his posthumous philanthropic effort. The trust also owns the Seattle Seahawks and a 25 percent stake in the Seattle Sounders, but those teams are not currently for sale. Nike founder Phil Knight made a public attempt to buy the franchise in 2022 when he partnered with Dodgers co-owner Alan Smolinisky to make an offer worth more than $2 billion for the team. The Blazers declined to sell to them at that time. The price for NBA teams has skyrocketed even in those intervening three years. The Suns sold at a $4 billion valuation the next year, then a record for an NBA team. This spring, the Wyc Grousbeck agreed to sell the Celtics to a group led by Bill Chisholm at an initial $6.1 billion valuation; that sale has not been finalized and approved yet. If it is, it would be the highest price ever paid for a controlling stake in a professional sports franchise in North America.
Yahoo
29-03-2025
- Business
- Yahoo
Feds cancel $4.3M worth of poultry, cheese, eggs to Michigan food banks
Food banks across Michigan are bracing for food shortages this year after the federal government stopped $4.3 million worth of shipments, including chicken, eggs and cheese ― even as many report that the need for food assistance is increasing. The canceled orders, meant to go to food banks between April and August, account for more than 2 million meals, according to a March 27 news release from the Food Bank Council of Michigan, which advocates for a network of seven regional food banks in places as far flung as Kentwood and Flint. Food banks are now left scrambling to fill in gaps with their own funds, food purchases and donations. "We did not see this coming. This was not on our radar in terms of, 'Oh, we could have a 600,000-pound dip in supply' and with no real time to react," said Ken Estelle, president and CEO of Kentwood-based Feeding America West Michigan. The canceled food deliveries are from the U.S. Dept. of Agriculture's Emergency Food Assistance Program, funded by the federal Commodity Credit Corp., said Phil Knight, executive director at the food bank council. A USDA spokesperson said in a statement that the Biden administration had "created unsustainable programming and expectations" and the funding has been "repurposed," and that the USDA continues to purchase food for the program. Food banks will adjust and continue to distribute food, but the reality is that there may be less food in the boxes they hand out, Knight said ― and the boxes may contain less protein and more produce. "People will have less access to the food that they want and need," he said. In Southeast Michigan, Gleaners Community Food Bank ― which serves Wayne, Oakland, Macomb, Monroe and Livingston counties ― is looking at 1.4 million pounds of canceled USDA food donations. "For us to fill that on our own would cost about $850,000," said Kristin Sokul, senior director of advancement communications for Gleaners. "Now, if we were unable to fill that 1.4 million-pound shortfall, which includes things like produce, milk, meat and shelf stable items, that would ultimately mean that we would be able to serve 25,000 houses fewer this year." Those are families, children, seniors and veterans who rely on Gleaners for food, she said. The USDA canceled 32 truckloads slated for delivery to Feeding America West Michigan beginning in April ― about 600,000 pounds of food worth roughly $1.1 million. "That is just a little more than one week of distribution for our food bank," he said. The food bank provides food assistance to more than a million households annually on the west side of the state and the Upper Peninsula, covering about half of all counties in Michigan. Over in Washtenaw County, Food Gatherers is losing a source of food the organization had counted on, said President and CEO Eileen Spring. "It comprises 15% of our total food distribution last year, or more than the equivalent of 1.2 million meals. So, that's hard to replace so quickly, and Food Gatherers, like many food banks, has been distributing more food than we ever have before, serving more neighbors, because certainly, demand at food pantries has been high since the pandemic," Spring said. Peter Vogel, CEO of the South Michigan Food Bank, said over the past five years, his organization has experienced the biggest distribution years in its nearly four decade long history and has been "running close to capacity." The Battle Creek nonprofit will get 400,000 fewer pounds of food this year, he said in an email to the Free Press, representing 3% to 4% of the organization's food for the year, a loss it can manage. However, any other changes to federal food resources or cuts to the Supplemental Nutrition Assistance Program (SNAP) would prevent the food bank from meeting the need, Vogel said. "The Michigan Department of Education is very concerned about the effects recent actions by the federal government will have on Michiganders in need and farmers," said spokesperson Ken Coleman in a statement Friday. "MDE administers USDA-funded programs to support families in need, including children, as well as farmers throughout our nation. MDE continues to stay apprised of federal government action as we determine our next steps." In an unsigned statement Friday, a USDA spokesperson said funding designated from the federal Commodity Credit Corp. "has been repurposed" and "there has been no pause in regular" purchases for the Emergency Food Assistance Program. The USDA did not immediately respond to follow-up questions about how the funds had been repurposed, or where they went. The USDA, the statement went on to say, bought more than $300 million in "various poultry, fish, fruits, vegetables, and tree nuts" through another fund called Section 32. The agriculture department recently approved an additional $261 million in these purchases to "provide even more fruits, vegetables, and tree nuts," according to the statement. "With 16 robust nutrition programs in place, USDA remains focused on its core mission: strengthening food security, supporting agricultural markets, and ensuring access to nutritious food," the statement continued. "Unlike the Biden Administration, which funneled billions in CCC funds into short-term programs with no plan for longevity, USDA is prioritizing stable, proven solutions that deliver lasting impact. The COVID era is over — USDA's approach to nutrition programs will reflect that reality moving forward." The food cuts put yet another strain on food banks already trying to address high levels of need. "At the same time we're seeing a cut in government-donated food resources, we're seeing hints that requests for support are increasing," Sokul, of Gleaners, said. Gleaners has a plan to fill the shortage, including fundraising to purchase food and tightening expenses. The organization is also using $250,000 from its own reserves to help its partner agencies, including soup kitchens and pantries, buy food. "Our team is pretty practiced in looking for resources, turning over every stone to make sure that we can make the best use of what is available to us," she said. "But the unfortunate reality is there could be an impact across what we're able to provide in variety or volume." Estelle believes Feeding America West Michigan can fill around $180,000 of the $1.1 million gap, but that means the food bank won't be able to afford the same quality of food the USDA provides. "It won't impact the volume," he said. "We will have enough food for the families that come through all of our distributions, but instead of it being protein, it will likely be more produce." Contact Nushrat Rahman: nrahman@ Follow her on X: @NushratR. This article originally appeared on Detroit Free Press: USDA cancels $4.3M in poultry, cheese, eggs to Michigan food banks
