Looking for monetary stability, Averett College has bought its North Campus athletic services in an $18 million deal that can permit it to lease again the close by 70-acre web site, Cardinal Information reported.
The property is situated a few 10-minute drive from Averett’s major campus in Virginia.
The positioning was bought by native entities: the Danville Regional Basis and the Danville-Pittsylvania Regional Industrial Facility Authority, which every personal 50 % of the property, in line with Averett’s announcement. Averett can pay annual charges to lease the location and may have the chance to purchase the campus and services again on the unique buy worth.
The deal will unencumber much-needed money for the embattled college, which has struggled with a shortfall attributed to monetary mismanagement that was found in July 2024. Officers have blamed the shortfall on a former worker who made unauthorized withdrawals from the endowment. Whereas directors have stated there was no proof of embezzlement or theft, they filed a lawsuit final April alleging the previous chief monetary officer and an funding agency colluded to cover finances deficits and drained the endowment of just about $20 million.
Fallout from the monetary shortfall prompted Averett to enact pay cuts shortly after it was found and subsequently axe jobs and packages as officers tried to plug finances holes.
Averett president Thomas H. Powell described the sale as a win for all events concerned.
“This partnership is essential for the long-term stability of Averett College. As the town’s solely four-year school, Averett is richly embedded within the material of the area and is a key financial power in Southside Virginia,” Powell stated in a information launch. “With this partnership, Averett will now be capable of proceed to develop and evolve right into a college that higher serves the group. Averett is turning into a brand new, extra environment friendly and targeted college that has at all times modified with the instances and can present wide-ranging advantages and benefits to the Dan River Area.”
Averett competes on the NCAA Division III degree.
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