PORTLAND, Ore. -- A 16-team tournament featuring some of college basketballs elite teams will be staged next year in Portland to honor Nike co-founder Phil Knight before his 80th birthday.The PK80, or more formally the Phil Knight Invitational, will be played at Portlands Moda Center and Memorial Coliseum on Nov. 23-26, 2017.Participating teams include Arkansas, Butler, Connecticut, Duke, Florida, Georgetown, Gonzaga, Michigan State, North Carolina, Ohio State, Oklahoma, Oregon, Portland, Portland State, Stanford and Texas.The event, billed as one of the largest regular-season invitational tournaments ever, includes nine of the past 13 NCAA champions.To be in Portland, in and around where Phils had a tremendous impact to the community, the impact of Nike from the business perspective, employment, and all the things that come along with it, it seemed like a real natural, said Chris Oxley, senior vice president of venue operations for the two arenas. We couldnt be more excited to have this tournament.Nikes headquarters are in Beaverton, Oregon, just west of Portland.The teams will be divided into two groups of eight and each group will compete for a bracket title. All the games will be broadcast on ESPN.Only two teams from each conference were allowed, and Knight holds degrees from Oregon and Stanford, so that did not allow room for Oregon State or Arizona.Oregon coach Dana Altman, who led the Ducks to an appearance in the Elite Eight at the NCAA Tournament last year, called the event an excellent way to celebrate Phil Knight.He has done so much, not just for the University of Oregon, but all of college basketball, Altman said in a statement. We are honored to be a part of the PK80 tournament.Duke coach Mike Krzyzewski echoed the sentiment: PK80 is a unique way we can honor him and the contributions he has made not just to the game of basketball, but to all of sport. Bob Nystrom Jersey . 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NEW YORK -- The Latest on the death of Arnold Palmer (all times local):1:35 p.m.The family of Arnold Palmer is waiting until after the Ryder Cup this week for a public farewell.Alastair Johnston, the chief executive of Arnold Palmer Enterprises, said Monday at a news conference that a public ceremony to commemorate Palmer would be held at 11 a.m. on Oct. 4 at St. Vincents College in Latrobe, Pennsylvania.Johnston says the last thing Palmer would want is for a golf schedule to be interrupted.He says the funeral will be later this week and limited only to family.---11:10 a.m.Gary Player says he remembers the many traits of Arnold Palmer: A fiercely competitive golfer with a slashing, dashing style, a man who could be difficult and demanding, but also one with charisma, charm and patience.Player, a nine-time major winner from South Africa whose career was intertwined with Palmer and Jack Nicklaus, said in a statement Monday that Arnold was many things to many people and undoubtedly made golf more popular, but to me he was simply a dear friend for over 60 years.Player says he woke up on his farm in South Africa on Monday morning to learn of Palmers death.Player says like anybody we had our differences but these never stood in the way of our relationship and I will miss him terribly.---10:25 a.m.President Barack Obama says Arnold Palmer was the American dream come to life.Obama praised the late golfers rise from a humble start in Pennsylvania to superstardom around the world. He says Palmer did it with a grin that hinted he had another shot up his sleeve.Obama says in a statement that Palmers freewheeling and fearless approach to golf inspired a generation. He says Palmers spirit went beyond the golf course and extended into his work to build hospitals and interact personally with fans.Obama says he and first lady Michelle Obama stand with Arnies Army in saaluting the King.dddddddddddd---5:40 a.m.The head of the European Tour has credited Arnold Palmer for making golf a truly international sport by playing the British Open in the early 1960s.Palmer, who won golfs oldest major in 1961 and 1962, died Sunday in Pittsburgh at the age of 87. Palmer first played the British Open in 1960, finishing runner-up in an appearance that invigorated a tournament which Americans had been ignoring for years.European Tour chief executive Keith Pelley says without question Arnolds participation in The Open Championship in the early 1960s was the catalyst to truly internationalize golf.Pelley says the fact he was loved and recognized by everyone across the globe, whether they be fans of golf or not, is testament to his charismatic legacy that will live on.Palmer was made an honorary member of The European Tour in 1995.Pelley says in this week of the playing of the 41st Ryder Cup in particular, we remember fondly his time as a six-time Ryder Cup player and two-time captain.---5:15 a.m.Organizers of the British Open have paid tribute to Arnold Palmer for his immeasurable contribution to golfs oldest major.Martin Slumbers, chief executive of the Royal & Ancient, says Palmer was a true gentleman, one of the greatest ever to play the game and a truly iconic figure in sport.Palmer died Sunday in Pittsburgh at the age of 87.Slumbers says his contribution to The Open Championship was, and remains, immeasurable.Palmer won seven majors, including two British Opens, in 1961 and `62. He last played the Open in 1995, 35 years after his first appearance.Slumbers says Palmer will be missed and forever remembered by all at The R&A and throughout the world of golf as a charismatic and global champion of our game. ' ' '