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Wednesday, February 5, 2025

Phil Knight Donates $400 Million to ‘Rebuild Albina’


Phil Knight, co-founder of Nike, and his spouse, Penny, pledged a multi-million greenback donation to his hometown of Portland, Oregon to rebuild town’s Albina space. Nike’s longtime headquarters is in Beaverton, Oregon, a suburb of Portland.

Positioned within the north and northeast sections of Portland, Albina is a traditionally Black neighborhood whose locals have been displaced throughout its greater than century-long historical past by way of redlining and discriminatory housing practices. Now, Knight has pledged $400 million to help in rebuilding the world’s Black neighborhood for present and future generations.

“I feel it could carry the neighborhood and it may give the entire metropolis hope,” Knight instructed The Wall Road Journal. “That is the ambition.”

The initiative, Rebuild Albina, will probably be part of the newly established 1803 Fund (whose launch was made potential by Knight’s donation), which is touted as a “non-public fairness fund for the folks,” and intends to mix philanthropy and personal investing.

“1803 Fund just isn’t a traditional funding agency, and it isn’t conventional philanthropy, although our work will embody items of each,” the group states on its web site.

Associated: 12 Quotes on Management, Ardour, Exhausting Work and Extra from the Entrepreneur Behind Nike Phil Knight

1803 Fund will probably be led by CEO Rukaiyah Adams, a Standford MBA and regulation graduate who grew up in northeast Portland. A former mergers and acquisitions lawyer, Adams instructed the WSJ that she not solely intends to lift extra funds for the undertaking but additionally be results-driven in her strategy to strengthening the neighborhood.

“I feel, judging by who Phil is selecting and the group is selecting to steer the group, I feel that is telling you one thing about what we count on the magnitude of it to be — and the tone, which is: This is not charity, we’re investing,” Adams instructed the outlet.

Rebuild Albina will concentrate on quite a lot of areas — from training and housing to artwork and tradition — supposed to strengthen the neighborhood for present and future Black residents.

Knight has made myriad donations over time to his dwelling state, together with funding professorships, buildings and sports activities services on the College of Oregon and donating $500 million to fund most cancers analysis at Oregon Well being & Science College.

Associated: The Extraordinary Profession of Nike Founder Phil Knight

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