Nike Inc. cofounder Phil Knight has repeatedly expressed interest in buying the Portland Trail Blazers, but now that it’s finally for sale, he has decided to pass on the chance to own the NBA franchise.

“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, 87, said in a statement. “However, at my current age, I can confirm that I no longer have interest in acquiring the team.”