Nike Inc. founder Phil Knight and his wife Penny have pledged to donate $100 million to the University of Oregon, the largest gift in the school’s history. A majority of the money will be used to build a new basketball arena, however it is technically being put into the Oregon Athletics Legacy Fund, which means the funds can be used for any athletic program at the university.
The university is trying to raise more than $200 million to pay for the new arena, which includes the land costs that would be associated with the project. The Class fo 1959 alum was more than happy to contribute towards the effort, as he has done previously with Stanford University, where Knight obtained his MBA. Knight donated $105 million to the Stanford Graduate School of Business in 2006, which was the largest donation to the school ever at the time.