Real estate developer Stephen Ross is giving $200 million to the University of Michigan to be split between the athletic program and the Ross School of Business, the university announced today.
At Ross, the gift will be used for scholarships and to build new facilities, including a new career services space, high-tech classrooms, and areas devoted to practical research on topics important to local and global companies.
The gift, the largest single donation in the university’s history, brings Ross’s lifetime giving to his alma mater to more than $313 million and makes him one of the largest donors to a business school in the U.S. Ross, who graduated from Michigan with a business degree in 1962, is chairman and founder of Related Companies and owner of the Miami Dolphins.
The last time Ross gave a gift of this magnitude to the business school was in 2004, when the school was renamed in recognition of his $100 million gift. In a prepared statement, Ross said he wanted to give back to the university that “had a profound impact on my life,” adding that he wanted to make it possible to attract the best students and give them the financial resources they need.
University of Michigan President Mary Sue Coleman called the gift “historic,” while Ross Dean Alison Davis-Blake said it will allow the business school to bring innovative design and advanced technology to the campus to empower students and faculty.
The gift to the athletic program will be used to create new facilities and to benefit student athletes on all 31 teams. The athletic campus will be renamed the Stephen M. Ross Athletic Campus, pending approval from the board of regents.