Courtesy of Saint Augustine’s University
In a pivotal moment for Saint Augustine’s University (SAU), the HBCU emphasizes the urgency of obtaining the North Carolina Attorney General’s approval for the $70 million 50 Plus 1 Sports deal within the next 9 days. This crucial step is vital for securing the necessary funding to demonstrate financial stability as SAU prepares to appeal to the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC) in February.
“Saint Augustine’s University has shown its willingness to cooperate with the Attorney General’s Office by providing them with all the information they have requested to facilitate a timely decision,” said SAU Board of Trustees Chairman Brian Boulware. “Approving this deal is not just a financial necessity; it’s a critical opportunity to showcase our commitment to academic excellence and long-term sustainability.”
Since December, Saint Augustine’s University sought approval from the Attorney General’s Office when Josh Stein was still in that role before becoming Governor. With Jeff Jackson now serving as Attorney General, the transition has raised concerns about potential delays in approval, which could significantly jeopardize the university’s future.
“With the community’s support, we are confident that this approval will allow us to build a brighter future for our university and those we serve,” said SAU Interim President Dr. Marcus H. Burgess. “We urge everyone to reach out to the NC Governor’s Office and the NC Attorney General’s Office, advocating for the swift approval of this deal. Your voices can play a critical role in securing the future of Saint Augustine’s University. Every call and message counts.”
The 50 Plus 1 Sports deal is not just a significant initiative but a crucial one that will enable the HBCU to bolster its financial infrastructure while continuing to serve the university’s diverse student population. Its approval is paramount to SAU’s financial stability and long-term sustainability.
“We believe in the mission and vision of Saint Augustine’s University and are committed to working collaboratively to ensure its success,” said Monti Valrie, Managing Partner of 50 Plus 1 Sports. “The approval of this deal is essential to sustain the university and enrich its community.”
SAU calls upon its community members, supporters, and all stakeholders to take action during this crucial time.
Click here for contact information for the NC Attorney General’s Office.
Click here for contact information for the NC Governor’s Office.
Strengthening Financial Resources
The $70 million upfront investment from 50 Plus 1 Sports is a financial boost to ensure sustainability and growth at the HBCU. This substantial amount will enable the university to retire existing debt and solely focus on its vision for the future. Moreover, the partnership includes a revenue-sharing model that exemplifies a long-term commitment to equitable growth:
- First 10 Years: The revenue-sharing split allocates 35% of generated revenue to SAU and 65% to 50 Plus 1 Sports.
- Subsequent Years: The split adjusts to 40% for SAU and 60% for 50 Plus 1 Sports, ensuring the university’s increasing financial benefit over time.
This revenue-sharing arrangement highlights the strategic alignment of both parties to deliver sustainable economic benefits to the university and the broader community.