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ATLANTA (AP) -- Nike co-founder and Chairman Phil Knight placed about $1.32 billion worth of his shares in the company in three trusts, according to a filing with the Securities and Exchange Commission on Wednesday.
Knight placed 20 million shares into the trusts. He still retains about 65.7 million shares, about 13.5 percent of the company, worth about $4.35 billion, according to the filing.
Such trusts, called grantor retained annuity trusts, are commonly used for estate planning.
Nike, based in Portland, Ore., did not immediately return a call for comment.
The trusts are being overseen by Pat Kilkenny, a former University of Oregon athletic director and former chairman and CEO of the San Diego-based Arrowhead General Insurance Agency.
Knight, 71, co-founded the company that eventually became athletic footwear and apparel company Nike Inc. in 1968.
The company's revenue rose 3 percent to $19.2 billion in fiscal 2009.

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