Cleveland Browns owners Dee and Jimmy Haslam have made a record $130 million "investment" in the University of Tennessee, the school announced Thursday.
Despite the Haslams' investments in the Browns and other sports franchises, this funding is not directed toward the Volunteers' athletic programs.
Instead, a university news release said the donation "will bolster student success and faculty recruitment at the University of Tennessee, Knoxville, and its Haslam College of Business while strengthening
the role of the university as a leader in higher education."
"We are honored to make this investment in UT and the Haslam College of Business," Dee and Jimmy Haslam said in a joint statement. "The university is experiencing extraordinary momentum, and we are proud to help elevate its national reputation, attract world-class faculty and support the next generation of leaders -- all while keeping the best and brightest here in Tennessee."
Jimmy Haslam, 72, is a Knoxville native and a Tennessee alumnus. His younger brother, Bill Haslam, is the former state governor and the owner of the NHL's Nashville Predators.
This increases the Haslams' financial contribution to the university to $195 million.
Of the new funding, $100 million will be set aside for the Haslam College of Business on faculty recruitment as well as student success initiatives, graduate student scholarships and the undergraduate honors program.
About 30% of Tennessee's undergraduate population is enrolled in the business college.
"This landmark gift from Dee and Jimmy Haslam demonstrates a deep commitment to ensuring the next generation of Tennesseans has the opportunity to reach their full potential," Gov. Bill Lee said in a news release. "By expanding opportunity for talented students, supporting world-class faculty and strengthening Tennessee's workforce pipeline, this investment will help ensure that the Volunteer State remains a place where innovation, opportunity and service thrive."
--Field Level Media
