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January 02, 2013

Nike Chief Phil Knight Donates $74-Million in Firm's Stock

The chairman of Nike has transferred nearly 1.4 million shares of a Class A stock in the sporting-goods giant to an unidentified nonprofit organization, says the Portland Business Journal.

Phil Knight made the move on the day after Christmas, according to a Securities and Exchange Commission filing made public Friday. The recipient was described as a charitable foundation of which the Nike co-founder is a trustee.

If converted into Class B shares and sold at the current market price, the shares would be worth about $74-million. If retained as Class A shares, they would give the holder considerable power in the Oregon-based firm, with a say in electing most of Nike's board of directors.