Alumnus Kevin Plank Pledges $25 Million to University of Maryland

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."

"University of Maryland Unveils New Vision for Cole Field House." University of Maryland Press Release 11/21/2014. Jeff Barker. "Plank Giving $25 Million for UM Athletic, Academic Project." Baltimore Sun 11/20/2014.