Nike was founded by Philip Knight, who ran track at the University of Oregon, and his team coach Bill Bowerman. In 1963, Knight began selling Tigers running shoes from Japan at a store known as Blue Ribbon Sports in Eugene, OR. Knight would also sell shoes from the back of his car at track meets.
Sales grew and Knight hired an art student in 1971 to develop the company's well-known swoosh symbol for just $35. The company became known as Nike in 1972 which was named after the Greek goddess of victory.
In 1985, Nike's fortunes changed when it signed up a young basketball player for the Chicago Bulls named Michael Jordan. His line of sneakers known as Air Jordans has become the best selling shoe line in history.