Nike co-founder Phil Knight is donating $2 billion to the Oregon Health and Science University’s Knight Cancer Institute, the Knight Foundation announced Thursday, in what is believed to be the largest single donation ever made to a U.S. university, college, or health institution. The monumental gift is intended to transform cancer research, treatment, and patient care outcomes, accelerating scientific progress and innovation in the field.
As part of the donation, Phil and Penny Knight will partner with Dr. Brian Druker, a cancer research pioneer who has led the Knight Cancer Institute in groundbreaking work. A decade ago, Druker and OHSU launched a campaign to raise $500 million for cancer research, with the Knights committing to match contributions dollar-for-dollar. “We are grateful for the opportunity to invest in the next stage of the Druker-led revolutionary vision of cancer research, diagnosis, treatment, care, and someday, eradication,” Phil and Penny Knight said in a joint statement. “We couldn’t be more excited about the transformational potential of this work for humanity.”
Phil Knight’s fortune stems from his success with Nike, the company he co-founded in 1964 as Blue Ribbon Sports. Knight began modestly, selling sneakers from the trunk of his car—a story he chronicled in his 2016 memoir, Shoe Dog. Nike went public in December 1980 and quickly rose to dominance in the athletic footwear market, securing partnerships with top athletes across multiple sports. During Knight’s tenure at the company, from its IPO to his retirement in June 2016, Nike shares surged nearly 30,500%, cementing the company as a global powerhouse.
Despite recent challenges—Nike stock has dropped more than 50% from its late 2021 peak—the company remains the most valuable publicly traded athletic footwear brand, with a market value exceeding $110 billion. The Knights themselves are prominent philanthropists, with Time Magazine estimating their lifetime giving at $3.6 billion, including $370 million in 2024 alone. The Knight Foundation held more than $5 billion in assets at the end of 2023, according to its latest tax filings.
Reflecting on his career and legacy, Knight wrote in Shoe Dog: “I wanted to build something that was my own, something I could point to and say: I made that. It was the only way I saw to make life meaningful.” With this unprecedented $2 billion pledge, Knight is now extending that vision into the realm of medical innovation, aiming to fundamentally change the way cancer is researched, treated, and ultimately conquered.
Pump Radar
Stock Alerts