Phil Knight, former chairman and founder of Nike, attends the annual Allen and Co. Sun Valley media conference in Sun Valley, Idaho, July 11, 2019.
Brendan McDermid | Reuters
Nike co-founder Phil Knight and his wife, Penny, will donate $1.1 billion to Providence St. Vincent Medical Center in Oregon and its Providence Heart Institute, according to a press release published Tuesday.
The gift marks one of the largest donations to a healthcare institution in American history, according to the release, and the second significant donation from the Knight family in roughly the last year after the couple gifted $2 billion to Oregon Health & Science University’s Knight Cancer Institute.
The latest donation will be used to “create Oregon’s first hospital dedicated to women’s health” and fund cardiological care at Providence’s eight hospitals across the state.
“Today’s gift marks a significant and transformational milestone for Providence and healthcare in the greater Northwest,” said Erik Wexler, president and CEO of Providence, in the release. “It enables us to create new possibilities in women’s health, in cardiovascular care as well as enhance access and support for patients, as we work to be the best place to give and receive care.”
The Knights’ donation is only their latest gift to Providence. The couple has already donated $200 million to the Providence Heart Institute over the past decade, according to the release.
The Phil and Penny Knight Pavilion on the Providence St. Vincent campus in Oregon.
Courtesy: Providence St. Vincent Medical Center
Dr. Dan Oseran, executive medical director of the Providence Heart Institute, noted the immense impact that the Knights’ philanthropy has already had on cardiovascular care at the hospitals in an interview with CNBC.
“We were able, with their funding, to start a heart transplant program, which has been very successful,” Oseran said. “And we’ve been able to recruit people and give physicians administrative or research time to pursue their passion. So it’s created a very unique environment for us here.”
The latest donation will continue to support cardiac care by recruiting top physicians to Providence hospitals, funding technological innovation and clinical trials, and supporting personalized patient treatment.
The gift will also lead to the creation of a women’s hospital on the Providence St. Vincent Medical Center campus in Portland. The new hospital, which will include a modernized neonatal intensive care unit, intends to provide integrated care across gynecology, pregnancy, labor and delivery, menopause, and cardiology.
Rendering of a forthcoming women’s hospital at Providence St. Vincent Medical Center in Oregon.
Courtesy: Providence St. Vincent Medical Center
The sportswear company co-founder and his wife are well known for their philanthropic efforts, making Time Magazine’s TIME100 Philanthropy 2025 list. Forbes estimates that before Tuesday’s announcement, the couple had already given away $4.5 billion to charity.
Knight made his fortune by selling running shoes. A college runner himself, Knight co-founded Nike with his former track coach, Bill Bowerman, in 1964 under the name Blue Ribbon Sports. Sixteen years later, Knight and his team took the company public. Knight led the “Just Do It” brand to become one of the top athletic apparel companies in the world. He retired as chair in 2016.
The company has struggled in recent years due to slumping sales and rising competition in China. Last month, its stock price reached its lowest level since 2014.
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