Phil Knight, the co-founder of Nike, along with his wife Penny, has announced a $1.1 billion donation to Providence St. Vincent Medical Center and its Providence Heart Institute in Oregon. This substantial gift is earmarked for the construction of a hospital dedicated exclusively to women's health, while also advancing cardiovascular care across multiple hospitals in the state.
According to the announcement released on Tuesday, this contribution ranks among the largest donations to a healthcare institution in U.S. history. It marks the second major philanthropic commitment from the Knight family within the past year, following their earlier support for the Knight Cancer Institute at Oregon Health & Science University.
The latest funding will facilitate the creation of Oregon's first specialty hospital focused on women's health, in addition to providing financial backing for cardiac services at eight Providence hospitals throughout the region. Eric Wexler, president and CEO of Providence, described the gift as a transformative milestone for healthcare in the Pacific Northwest, stating it would enable new possibilities in women's health and cardiovascular medicine, enhance patient access, and support efforts to become a premier healthcare provider.
This is not the first time the Knights have supported Providence. Over the past decade, they have contributed $200 million to the Providence Heart Institute. Dr. Dan Oseran, executive medical director of the institute, noted the significant impact of their prior generosity, which helped establish a successful heart transplant program and allowed for the recruitment of top talent while giving physicians time for administrative and research pursuits, creating a unique environment for medical innovation.
The new donation will continue to bolster cardiac care by bringing in leading physicians, funding technological advancements and clinical trials, and advancing personalized medicine. Additionally, a new women's hospital will be built at the Providence St. Vincent Medical Center campus in Portland, equipped with a modern neonatal intensive care unit and offering integrated services including gynecology, maternity, menopause care, and cardiovascular treatment.
The athletic apparel mogul and his wife have a long history of philanthropy, having been named to Time magazine's list of top philanthropists. Forbes estimates the couple has already given away substantial wealth prior to this announcement. Knight, a former college track athlete, started his career selling running shoes. In 1964, he co-founded Blue Ribbon Sports with his track coach Bill Bowerman, which would later become Nike. The company went public 16 years later. Under Knight's leadership, "Just Do It" grew into a global athletic wear giant, and he retired officially in 2016. In recent years, Nike has faced operational pressures, with its stock falling to levels not seen since 2014 last month due to weak earnings and declining sales in the Chinese market.