Nike co-founder Phil Knight to donate $2 billion to OHSU’s Knight Cancer Institute

Nike co-founder Phil Knight is donating $2 billion to the Oregon Health and Science University’s Knight Cancer Institute, the single largest donation ever to a U.S. university, college or health institution, according to the Knight Foundation.

The foundation said on Thursday the gift that will be used to shift the scientific approach to cancer treatment, research and patient care outcomes.

As part of the gift, the Knights will partner with cancer research pioneer Dr. Brian Druker.

A decade ago, Druker and OHSU took on a challenge to raise $500 million for cancer research, and the Knights signed on to match the raise 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 some day, eradication,” Phil and Penny Knight said in a statement. “We couldn’t be more excited about the transformational potential of this work for humanity.”

Knight’s fortune stems from his success with the swoosh, the company he founded in 1964.

Originally called Blue Ribbon Sports, the business began humbly, with Knight selling sneakers out of the trunk of his car, as he recounted in his 2016 memoir, “Shoe Dog.”

Nike went public in December 1980 and quickly became the most dominant sneaker brand, partnered with some of the top athletes across sport.

During Knight’s tenure at the public company, from its IPO to his June 2016 retirement, Nike shares soared almost 30,500%.

Although Nike stock has had a painful few years, down more than 50% from its peak in late 2021, it remains the most valuable public company in athletic footwear, valued at more than $110 billion.

The Knights are regularly found on lists of top philanthropists. In May, Time Magazine estimated their lifetime giving at $3.6 billion, including $370 million gifted in 2024 alone.

According to the Knight Foundation’s latest tax documents the foundation held more than $5 billion in assets at the end of 2023.

“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,” Knight said in his 2016 memoir.

Correction: The headline on this story has been updated to correct that Phil Knight is donating to Oregon Health and Science University’s Knight Cancer Institute. A previous version misstated the institution.