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Phil Knight, chairman and co-founder of Nike Inc., laughs during a panel discussion at the Brookings Institution in Washington, D.C., U.S., on Tuesday, Jan. 15, 2013.
Andrew Harrer—Bloomberg/Getty Images

Nike co-founder and chairman Phil Knight is donating $400 million to a scholarship program at Stanford University.

Knight graduated from Stanford with an MBA in 1962 and is now worth $25.7 billion, according to Forbes. He is teaming up with the college’s outgoing president, John L. Hennessy, for the Knight-Hennessy Scholars Program,Stanford announced Tuesday.

His gift is the largest from any individual to Stanford, surpassing the $100 million given by website investor Robert King and his wife, Dorothy, in 2011.

It matches the largest sum ever given to Harvard: $400 million from Wall Street hedge fund billionaire John Paulson last year.

With a total endowment…

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