Nike chairman makes $532 million cancer bet
September 23, 2013, 9:40 am Yahoo!7
Philip Knight pledges a huge gift to a cancer research initiative — but they can only have it if they raise the same amount.
Nike chairman Philip Knight and his wife Penny have pledged $532 million (US$500 million) to jumpstart a US$1 billion cancer research initiative at Oregon Health & Science University.
The generous donation, however, comes with a catch: the institution has to match the gift by raising the same amount within two years.
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"It is incumbent on every one of us to do what he or she can to keep the miracles coming," Mr. Knight said in remarks announcing the challenge at a gala for the Knight Cancer Institute.
In 2008, the Knights contributed US$100 million to OHSU. At the time, it was the largest gift in the Portland school's history and the existing cancer centre was subsequently renamed the Knight Cancer Institute.
They had previously donated US$2 million in 2007.
Dr. Brian Druker, the institute's director, said he had approached Mr. Knight with a request for $1 billion just four or five months ago.
"They've challenged us, but they've also challenged the nation in some respects," Dr. Druker said.
According to Oregon Live, there will be no consolation prize if the university is unsuccessful.
With input from Bloomberg
