Jack Leahy | News Editor
Provost Patrick Prendergast has welcomed a successful campaign to raise up to €20 million in philanthropic funding towards the construction of the new business school, the College has announced.
The philanthropist, referred to as “founding patrons”, are a group of alumni donors who have responded to an escalated fundraising campaign to raise capital towards the construction of the €70 million school.
The campaign was led by Seán Melley, a graduate of the College who chairs the advisory board to the School of Business. Melley is the Managing Director of Powerscourt Capital Partners and an adjunct lecturer in the school’s MBA programme. He has served as a board member of the Trinity foundation since 2010.
The group comprises 20 Trinity graduates or individuals with connections to the College or Ireland prominent in business and entrepreneurship. The smallest donation received was of €500,000. The University Times sources have indicated that more than one donor provided in excess of €1 million towards the project. All “founding patrons” will have their name inscribed on the walls of the new school upon construction.
The announcement of philanthropist contributions is a welcome boost. Proposals for the new school noted the high-level risk associated with the amount of capital required. Funding plans approved in October 2013 are contingent of capital fundraising through philanthropy, given the limited availability of reserve funds and the undesirability of borrowing.
The €70 million business school project was announced in November 2013 following consultation with the College board. At the time, Prendergast said: “We want the message to go out to students in Ireland and globally that Trinity is a university that educates and motivates students to create jobs, as well as to get them”.
The College’s commitment to the project was reaffirmed at the recent launch of the College Strategic Plan for 2014-19 as part of an overall strategic capital expenditure of up to €600 million.
Speaking to announce the latest round of funding, the Provost stressed the need for “a business school commensurate with the university’s overall reputation”. Melley added his belief that “business education at Trinity College has a long history, but it is no longer fit for purpose”.
The Provost also used the occasion of the announcement to reiterate the need for greater levels of funding to ensure high-quality teaching and research in Irish universities. He told The Financial Times that “other countries have developed a model for funding that has suited their political circumstances. Ireland has yet to do this.”
