Phil and Penny Knight donate $400 million to revitalize Portland's Black community.

Phil and Penny Knight have pledged $400 million to the newly formed 1803 Fund, which will focus on strengthening Portland's Black community. The fund's first project, "Rebuild Albina," will invest in education, place, culture, and belonging in the historically Black Albina neighborhood. The investment pairs Phil Knight, the billionaire co-founder of Nike, with Rukaiyah Adams, the high-profile Portland financial expert and community leader who chairs the 1803 Fund. The fund is named after the year Lewis and Clark began their historic trek across the North American continent.