Phil Knight, Co-Founder of Nike, to Step Down as Chairman

Phil Knight and Oregon coach Bill Bowerman shook hands in 1964 each putting in $500 to form Blue Ribbon Sports. Knight sold his first pair of shoes from the back of a car. In 1978 Blue Ribbon Sports changed it's name to Nike - the winged goddess of victory in Greek mythology-  and the rest is history.

At 77 years old, Phil Knight's net worth is about 24 Billion dollars. Not bad from a $500 initial investment!

Sources tell us that Knight was making enough money selling shoes in 1969 that he quite his accounting job to focus his shoe company. In 1971, Carolyn Davidson was paid $35 for the 'Swoosh' logo that we all recognize today.

Knight announced he will step down as chairman but still be involved in the company. Nike president and CEO Mark Parker is Knights choice to succeed him.

Nike is the most profitable sports company in the world with it's annual revenue topping 30 billion. A Nike Factory Store will open in Midtown Village in Tuscaloosa soon.

I wonder does anyone still have a pair of original Blue Ribbon Sports running shoes?