Stephen Ross Pledges US$100M to Ross School of Business: MBA News

By QS Contributor Updated Oct 17, 2014

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Introduction
Stephen Ross set to become third largest donor to a US business school

Stephen Ross Pledges US$100M to Ross School of Business: MBA News main image

Stephen Ross, real-estate billionaire and owner of the Miami Dolphins NFL team, has pledged US$200m to the University of Michigan (UM). The donation from this UM graduate is to be split directly between the Ross School of Business and UM’s Athletics department.

The Ross School of Business – as its name implies – has already been a beneficiary of Stephen Ross’ philanthropy. In 2004, he gave the school US$100M for a new building which was completed in 2009 and subsequently took on the Ross name.

This new donation has yet to be assigned to specific projects but its ultimate plan is to create ‘contemporary spaces’ for the Ross School of Business’ 5,000+ students, enhance its career services as well as to allocate funding for Ross scholarships.

Stephen Ross set to become third largest donor to a US business school

According to the University of Michigan, Ross’ total lifetime giving of US$313M will reportedly make him, “the third-largest donor to a business school in the United States.”

Stephen Ross graduated from the University of Michigan in 1962. His fortune has been amassed largely through real estate as the founder and chairman of Related Companies – developers of New York’s Time Warner Center. Forbes has estimated his worth as being US$4.4 billion and he is keen to make use of his wealth.

Earlier this year, Ross committed to give half or more of his wealth to charity and signed the Giving Pledge, a long-term, global initiative created by Warren Buffett and Bill and Melinda Gates that aims to inspire deeper engagement in philanthropy and increase charitable giving globally.

Assigning half of this new UM donation to its athletics department hints at the Miami Dolphins owners’ interest in sport. Ross, who grew up in Miami Beach, bought 95% of the NFL team, as well as its stadium, in 2008 for an estimated US$1.5 billion.

As a result of this gift, the University of Michigan’s new athletics campus will be given the name ‘Stephen M. Ross Athletic Campus’, when completed, albeit upon approval from the school’s board.

In a press release for the University of Michigan, Stephen Ross said, “I am confident that the initiatives we undertake will further transform the business school and athletic facilities and ensure the University of Michigan continues to offer a world-class institution for our future leaders. I could not be more proud. "

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