At December's board meeting, University regents learned that two University alums have pledged independent donations totaling $17.5 million to the $1 billion Campaign for Michigan.
Dallas-based entrepreneur Sam Wyly has offered a donation of $10 million to the Business School to be used for the construction of a new building.
Wyly's donation will single-handedly cover half of the projected cost of the new building.
"This is the largest gift for a single purpose ever received by the Business School," said Regent Philip Power (D-Ann Arbor).
The building, which will be named Sam Wyly Hall, will consist of classroom and office space, will assist the growth of the Executive Education program, and will create a headquarters for the school's William Davidson Institute.
"It represents not only an enormous use, but will also hopefully create many more entrepreneurs like Mr. Wyly," Powers said.
New York entrepreneur Preston Robert Tisch and his family have pledged a total of $7.5 million to the University. The family will donate $6 million to support the construction of the new LSA humanities building currently connecting Angell and Haven Halls that will be named Tisch Hall.
Tisch has pledged a personal gift of $1.5 million to the creation of the new tennis facility, which will be named the Preston Robert Tisch Tennis Building.
"It is one of the largest donations (that LSA) has received, but it is also one of the largest donations that has been received by the University in the campaign," said LSA Dean Edie Goldenberg. "It is extremely generous."
Tisch, who is currently co-chair and co-CEO of the Loews Corporation, graduated from the University with a bachelor's in economics in 1948. Tisch, his wife, Joan, and his daughter, Laurie Tisch Sussman, all have earned degrees from the University.
"Tisch and his wife met on the steps of the Hatcher Graduate Library," Goldenberg said. "Now they will be able to see that building from Tisch Hall."
The Tisch family's gifts represent their strong feeling of admiration for the University.
"We felt that we wanted to give something back," Tisch said.
"I met my wife there. I went to school there. It worked out very well there. The University was very good for me and my family," he said. "When we decided we wanted to give a donation to an institute of higher education, the University of Michigan was the one we wanted to give to."
Wyly, who is currently the governing stockholder and managing director of Sterling Software, Sterling Commerce, Maverick Capital, and Michaels Stores, graduated with a master's in business administration from the Business School in 1957. Wyly was the first student to receive the Paton Scholarship, which funded his University education.
"The only reason Mr. Wyly came to Michigan was because he got a donor supporting him and now 40 years later he is giving back," said Thomas Kinnear, vice president for development.
U.S. News and World Report recently ranked the Business School as the top business undergraduate program in the nation and BusinessWeek Magazine ranked the graduate degree program second. In a written statement, Wyly cited these results as the impetus for his donation.