Nike Co-Founder Phil Knight's $2B Bid to Buy NBA's Portland Trail Blazers Rejected: Report

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Nike co-founder Phil Knight and Los Angeles Dodgers part-owner Alan Smolinisky are reportedly pursuing a purchase of the NBA's Portland Trail Blazers.

According to ESPN's Adrian Wojnarowski, the pair recently made a more than $2 billion bid that was rejected by the franchise's current ownership. In a statement to the outlet, the Trail Blazers confirmed Knight made an "offer" but maintained the team is "not for sale."

Representatives for Knight and the Trail Blazers did not immediately return PEOPLE's request for comment on Friday. PEOPLE has also reached out to Smolinisky for details.

According to The New York Times, the Oregon-based team is owned by the family of late Microsoft co-founder Paul Allen via a trust, which also holds ownership of the NFL's Seattle Seahawks franchise. Allen's sister, Jody Allen, has managed the trust over the four years since his death, the Times reported.

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NBA commissioner Adam Silver discussed the organization's future during his NBA Finals press conference on Thursday while noting he did not know the full details of the trust.

"I don't know all the specifics of Paul Allen's trust. What I understand is that Jody Allen, who is Paul Allen's sister, is the trustee of the estate and that at some point, the team will be sold," Silver said, according to ESPN.

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Silver added: "I don't have any sense of the precise timing. I read that same statement today in which she or someone on behalf of the estate said the team is not currently for sale. But at some point it will be for sale."

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The Trail Blazers have not won an NBA championship since 1977 but have regularly made the playoffs since acquiring star point guard Damian Lillard in 2012.

Silver also said he prefers the Trail Blazers organization remain in Portland. Knight, a native of Portland, will likely keep the team in the city if a deal is reached.