Phil Knight Named Richest Person in Sports by Forbes

Nike chairman Phil Knight is the richest person is sports based on the latest Forbes rankings of the world's billionaires.  

The outlet lists Knight at No. 24 in the world with an estimated net worth of $24.4 billion.

Darren Rovell of ESPN.com provided some further notes about Knight and the listing:

Steve Ballmer checks in 26th with his net worth at $23.5 billion. By comparison, the top overall finisher for 2016 is Microsoft co-founder Bill Gates at $75 billion.

Ballmer, as well as Seattle Seahawks and Portland Trail Blazers owner Paul Allen, who checks in at No. 40 on the list, also built their fortune through their involvement at Microsoft.

Knight's placement as the richest person in sports comes at a time of transition for Nike. Last June, he announced the start of a planning process to choose a new chairman for the company while recommending CEO Mark Parker, according to the company's official site:

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I have long felt a great responsibility to provide clarity and certainty for the long-term governance and leadership of Nike and for my ultimate transition as Chairman. I have worked closely with the Nike Board in developing this plan and in identifying the most qualified person to serve as my successor in this role. I believe Mark is the best choice to succeed me. He has been an outstanding CEO for the past nine years, and has demonstrated time and again his love for this Company and his clear vision for capturing the tremendous potential Nike has to innovate, inspire, and drive growth. For myself, I intend to continue to work with Nike and look forward to contributing to its future well after my chairmanship ends.

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The release noted an official decision is expected sometime in 2016. How his changing role could impact his net worth moving forward is unclear, but for now, he remains inside the top 25 in the world and the top earner in sports.

That doesn't come as much of a surprise given Nike's prominence in the world of sports appeal, including its various shoe brands, led by the Jordan Brand. Statista listed the company's worldwide revenue for 2015 at $30.6 billion, up from $13.7 billion in 2005.

Nike's impact on basketball even earned Knight a place in the Naismith Memorial Basketball Hall of Fame as a contributor in 2012.

Along with his work at Nike, Knight has also been heavily involved with the University of Oregon athletics program. That includes a $100 million gift in 2007 to "support all athletic programs and allow the university to achieve excellence in its competitive sports."

Between those endeavors, Knight's impact on sports will last long after his time as Nike chairman comes to an end.