Alumnus Kevin Plank Pledges $25 Million to University of Maryland
The University of Maryland has announced a $25 million commitment from alumnus and Under Armour CEO Kevin Plank in support of a planned academic, research, and athletics complex.
The gift will help fund a $155 million project to expand Cole Field House to include the Terrapin Performance Center and add an indoor football practice facility; strength and conditioning facilities; a Center for Sports Medicine, Health and Human Performance, in collaboration with the University of Maryland, Baltimore; and the future home of the Academy of Innovation and Entrepreneurship, which will include a hybrid incubator-classroom space where students can build their projects, as well as a rapid prototyping lab.
The state will contribute $25 million to the project, while the university will contribute $25 million in revenue from Big Ten athletic events and $10 million in rental income. The Baltimore Sun reports that with the gift from Plank, the university has now raised about $45 million of the $95 million it expects to raise in private donations for the project.
"This project brings together two of my favorite passions, Maryland athletics and entrepreneurship," said Plank. "The lessons I learned on the football field in College Park continue to fuel my entrepreneurial spirit and shape my professional approach. By fostering a generation of entrepreneurial-minded young adults, we are preparing our students not just for the next four years, but for many years to come."
