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Phil and Penny Knight Invested $400 Million to Boost Portland’s Black Community

<strong>Phil and Penny Knight’s investment in the newly established 1803 Fund is earmarked for the fund's Rebuild Albina project.</strong>

The gift from Knight and his wife Penny Knight to the 1803 Fund – an initiative revealed Monday – is meant to fund education services, art programs and other projects for Black Portlanders in the inner North and Northeast Portland neighborhoods once known as Albina.

The investment, flowing through a new initiative called the 1803 Fund, is meant to directly aid Black Portlanders in a part of town with a long history of government neglect.

An ambitious effort to reinvigorate Portland’s Albina District will get a major cash infusion with a $400 million donation to the newly established 1803 Fund from Penny and Phil Knight. Phil Knight, the Nike co-founder and philanthropist, joined Rukaiyah Adams, leader of the 1803 Fund, and its board of directors Monday afternoon at the Nike campus in Beaverton to share the news of Rebuild Albina, a multi-faceted effort that will be overseen by the 1803...

It’s not yet clear how this investment will be distributed or to which community organizations.

The newly established fund has received $400 million from the family of a Nike co-founder and will invest in real assets.

The investment pairs two powerhouses in Knight, the billionaire Nike co-founder, and Rukaiyah Adams, the Portland financial expert and community leader.

The gift from Knight and his wife Penny Knight to the 1803 Fund – a new initiative revealed Monday – is meant to fund education services, art programs and other projects for Black Portlanders in the inner North and Northeast Portland neighborhoods once known as Albina.

It’s not yet clear how this investment will be distributed or to which community organizations.