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Michigan State University receives $401M gift for school and athletic department

/ AP

Michigan State has received a $401 million gift from Greg and Dawn Williams, supporting the university's and athletic department's fundraising initiatives with the largest donation to the school and one of the richest in college sports history.

"Their investment in both the university and the future of Spartan Athletics reflects a bold, shared vision for excellence and innovation," Michigan State University President Kevin M. Guskiewicz said Friday, when the donation was announced at a news conference. "This moment will have a profound impact on generations of Spartans, and we are honored by their confidence in MSU."

The gift includes $290 million for the athletic department's $1 billion fundraising campaign that was launched this week and promoted by former Spartan star and Basketball Hall of Famer .

The donation gives Michigan State's teams a boost in the new era of college athletics, particularly its struggling football program.

Athletic director J Batt fired coach Jonathan Smith with a $30-plus million buyout on Sunday and hired former Northwestern coach Pat Fitzgerald to an incentive-laden, five-year $30 million contract earlier this week.

Greg and Dawn Williams are also giving $100 million — in addition to the $401 million commitment — for Spartan Ventures, a non-profit, tax-exempt corporation set up to raise funds for the athletic department.

"In today's evolving college athletics landscape, this is a monumental day in the history of Michigan State Athletics," Batt said. "Greg and Dawn's commitment will provide the resources required for new levels of competitive excellence and student-athlete opportunities, while charting a new path for the Spartan Athletics enterprise."

Greg Williams is the co-founder and CEO of Acrisure, a financial technology company that bought the naming rights to the Pittsburgh Steelers' stadium that was formerly known as Heinz Field.

"This commitment reflects our belief that we should give back to our community … and to the place we call home," Greg and Dawn Williams said in a statement. "MSU is not only the face of our community, but the health and well-being of East Lansing depend on a thriving and successful MSU."

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