Courtney Dentch and Patrick Cole, Nike founder gives $105 million to Stanford, Chicago Tribune [from Bloomberg News], August 1, 2006.
Philip H. Knight, founder and chairman of Nike Inc., has pledged $105 million to help build a new campus for <st1:place w:st="on"><st1:placename w:st="on">Stanford</st1:placename> <st1:placetype w:st="on">University</st1:placetype></st1:place>'s Graduate School of Business. It is the largest single donation to a <st1:country-region w:st="on"><st1:place w:st="on">U.S.</st1:place></st1:country-region> business school, according to an accreditation agency.
The eight-building, 340,000-square-foot complex will be called the <st1:place w:st="on"><st1:placename w:st="on">Knight</st1:placename> <st1:placename w:st="on">Management</st1:placename> <st1:placetype w:st="on">Center</st1:placetype></st1:place>, Stanford said in a statement. Knight's gift will finance $100 million of the project's $275 million cost. The campus will include a 450-seat auditorium, classrooms, study rooms, dining areas and offices. About $5 million of Knight's gift will be used for faculty endowments.
``This really makes it possible for us to put our academic vision in place,'' Business School Dean Robert Joss said in a telephone interview today. ``This is a very defining moment because we have a new curriculum in place, and this new campus makes all of that possible.''
Previously, the largest single gift to a business school was a $100 million donation in 2004 by <st1:state w:st="on">New York</st1:state> real estate developer Stephen Ross to his alma mater, the <st1:placetype w:st="on">University</st1:placetype> of <st1:placename w:st="on">Michigan</st1:placename>, for the Ross School of Business, according to Joshua Sprunger, a spokesman for The Center on Philanthropy at <st1:place w:st="on"><st1:placename w:st="on">Indiana</st1:placename> <st1:placetype w:st="on">University</st1:placetype></st1:place>.
Knight, 68, earned a Masters of Business Administration degree from the northern <st1:state w:st="on"><st1:place w:st="on">California</st1:place></st1:state> school in 1962. He is ranked the 70th richest person in the world by Forbes magazine with a net worth of $7.3 billion.
``Stanford Business School was an important part of my life,'' Knight said in the statement. ``This is a once-in-a- lifetime chance to give back to the school and help it continue to push the boundaries of excellence in management education.''
Knight started Beaverton, Oregon-based Nike in 1972 selling sneakers from his car. He pioneered the concept of using sports celebrities, such as basketball star Michael Jordan, to plug the shoes, known for their swoosh logo and ``Just Do It'' slogan.
Knight has made several donations to the business school, including funding for the <st1:place w:st="on"><st1:placename w:st="on">Knight</st1:placename> <st1:placetype w:st="on">Building</st1:placetype></st1:place> which houses faculty and administration offices, and the Philip H. Knight endowed professorship held by Joss.
Founded in 1925, <st1:place w:st="on"><st1:placename w:st="on">Stanford</st1:placename> <st1:placename w:st="on">Business</st1:placename> <st1:placetype w:st="on">School</st1:placetype></st1:place> enrolls about 750 MBA students a year and has an annual operating budget of $96 million, its Web site said. It ranks second to <st1:placename w:st="on">Harvard</st1:placename> <st1:placename w:st="on">Business</st1:placename> <st1:placetype w:st="on">School</st1:placetype> in <st1:place w:st="on"><st1:city w:st="on">Cambridge</st1:city>, <st1:state w:st="on">Massachusetts</st1:state></st1:place>, in the 2007 U.S. News business school poll.
To boost their stature and attract the best students, <st1:country-region w:st="on"><st1:place w:st="on">U.S.</st1:place></st1:country-region> business schools are seeking donations from alumni and foundations to improve faculty, technology, course offerings and scholarships, said John Fernandes, president and chief executive of the Association to Advance Collegiate Schools of Business, an accrediting body.
``If you want to attract the best students, you have to stay ahead,'' he said. ``Money talks.''
In March, private investors Henry Kravis, Russell Carson and Arthur Samberg pledged a total of $45 million to <st1:placename w:st="on">Columbia</st1:placename> <st1:placename w:st="on">Business</st1:placename> <st1:placetype w:st="on">School</st1:placetype> in <st1:state w:st="on"><st1:place w:st="on">New York</st1:place></st1:state> to boost its curriculum and faculty. Kravis and Samberg graduated from <st1:city w:st="on">Columbia</st1:city> in 1969 and <st1:city w:st="on"><st1:place w:st="on">Carson</st1:place></st1:city> received his MBA in 1967.
While donations the size of Knight's are typically reserved for the privilege of naming the school, Stanford's move to name the campus, rather than the school, for Knight, may mean even more money for the university.
" They haven't renamed their business school and they still have that option,'' Fernandes said. ``Given the amount of money, they could get even more to rename the entire school.''
Stanford joins other private <st1:country-region w:st="on"><st1:place w:st="on">U.S.</st1:place></st1:country-region> institutions which have received gifts of $100 million or more in the past year as universities turn to graduates and foundations to boost their endowments and academic programs. <st1:city w:st="on">Columbia</st1:city> and <st1:state w:st="on"><st1:place w:st="on">New York</st1:place></st1:state> universities each received donations in March of $200 million, their largest gifts ever.
The business school will use Knight's money to hire an architect and develop a site plan over the next two years, [.....content deleted....]
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