$250M Gift To Small Kentucky College Withdrawn

$250M Gift To Small Kentucky College Withdrawn

CREATED Sep 9, 2013

DANVILLE, Ky. (AP) – A small Kentucky liberal arts college said a $250 million gift that was among the largest gifts to higher education in U.S. history has been withdrawn.

Known for hosting vice presidential debates in 2000 and 2012, Centre College said in a release Monday that the gift from the A. Eugene Brockman Charitable Trust was linked to a "significant capital market event."

The statement didn't offer further explanation, but said it put considerable time pressure on the college to structure the gift and the proposed scholarship program.

The college said the two sides ultimately decided they could not finalize the deal and get the required approval in the time available.

Centre President John Roush said the college will continue its pursuit of creating the type of scholarship program envisioned by the gift.

(Copyright 2013 by The Associated Press. All rights reserved.)