Phil Knight plans to give most of his fortune to charity

Nike founder Phil Knight is worth an estimated $25 billion, and plans to give most of it away to charity, he told CBS in an interview to be aired Sunday, April 24.

“By the time, you know, the lives of my children and their kids run out, I will have given most of it to charity,” Knight said in the interview, according to a statement from the network.

Knight, 78, announced last summer he would step away from the company, with a recommendation that chief executive Mark Parker replace him as company chairman.

Knight’s statement comes on the heels of a $400 million pledge to Stanford University, and builds on a legacy of charitable giving. Together with his wife, Penny Knight, he has donated more than $1 billion to medical centers, athletic facilities, university buildings and other projects.

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