Stephen Ross To Give $200M To University Of Michigan
ANN ARBOR (WWJ/AP) - Real estate magnate and Miami Dolphins owner Stephen Ross plans to give $200 million to the University of Michigan for its business school and athletics programs.
The Ann Arbor school made the announcement Wednesday, saying it represents the largest single donation in the university's history. The gift will be used to "significantly transform the student experience at the business school and athletic campus."
"The University of Michigan had a profound impact on my life and I have received enormous satisfaction from being able to give back to the institution that played such a critical role in my success," Ross said in a statement.
"I am thrilled to be able to make such an impactful contribution and to not only help write the next chapter for the university, but also offer much-needed scholarships to ensure we continue to attract the best and the brightest students and provide them with the financial resources they need," he continued.
The money will be split between the Stephen M. Ross School of Business and University of Michigan Athletics, and raises Ross' total giving to his alma mater to more than $313 million. The Athletic Campus is expected to be named the Stephen M. Ross Athletic Campus.
"Stephen Ross' vision has always been about the ability of facilities to transform the human experience," U-M President Mary Sue Coleman said in a statement. "This historic gift is not only an investment in the University of Michigan, but also in our state. Steve Ross believes deeply in our collective future as national and global leaders."
Officials said the money will go toward projects that will create contemporary spaces for the nearly 6,000 students who take courses at the School of Business and the 900-plus student athletes in all sports. Specific projects will be announced in the coming months. In addition, scholarships will be available for Ross students.
Ross earned his Bachelor of Business Administration in accounting from the U-M Business School in 1962, a law degree from Wayne State University and a master of law degree in taxation from New York University. He began his career as a tax attorney at Coopers & Lybrand in Detroit.
Today, Ross is chairman and founder of Related Companies, a prominent real estate developer. Related Companies is best known for the development of Time Warner Center in New York
and the 26-acre Hudson Yards development currently underway on Manhattan's west side. Ross is also the owner of the Miami Dolphins.
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