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Numerous billionaires have significantly contributed funds to colleges that are home to some of the country’s premier basketball teams. This group of influential donors includes figures such as Nike’s founder, a Walmart heiress, and the owner of the Dallas Cowboys. Many of these powerhouse teams are now positioned as strong contenders in the opening round of March Madness, which kicks off Thursday.
With the sports entertainment sector valued at an estimated $2 trillion, it is no surprise that America’s wealthiest individuals are eager to invest in the nation’s rich college athletic traditions.
Many billionaires are backing the teams participating in this year’s March Madness tournament. While some are well-known, others have quietly built their fortunes.
Among those who have made notable contributions to schools competing this year are Nike founder Phil Knight, Walmart heiress Nancy Walton Laurie, and Dallas Cowboys owner Jerry Jones, with a combined wealth of approximately $62.2 billion.
Beyond these prominent figures, a host of high-profile CEOs and business leaders also provide substantial donations to teams that they either attended or have a personal connection to. Strong basketball programs are beneficial not only for institutional pride but also financially. In the fiscal year 2023, the NCAA recorded a staggering $1.29 billion in revenue, largely driven by the March Madness tournament. Additionally, the event is expected to distribute hundreds of millions of dollars to schools involved.
Fortune has compiled a list of billionaires funding schools in this year’s tournament, acknowledging that it is not comprehensive.
Phil Knight
Knight, a former college athlete who ran track at the University of Oregon in the 1950s, has made significant donations to his alma mater over the years. With a renowned $33.5 billion fortune, he has committed over $1 billion to enhance academic and athletic programs at the university.
Knight’s philanthropy includes two donations of $500 million aimed at advancing science at Oregon and a $100 million gift established for support of the university’s athletic programs.
This Friday, Oregon will face Liberty University at 10:10 p.m. EST and is favored to win.
Nancy Walton Laurie
Walton Laurie, an heiress of the Walmart fortune—one of the largest retailers globally, projecting over $680 billion in revenue for fiscal 2025—is strategically involved in philanthropic efforts. Her net worth is estimated at $12.5 billion.
The youngest daughter of Walmart cofounder Bud Walton, she and her husband Bill Laurie contributed $25 million in 2001 to construct a new basketball arena at the University of Missouri.
Mizzou is set to compete against Drake University on Thursday at 7:35 p.m. EST and is favored to emerge victorious.
Jerry Jones
This former University of Arkansas football player transitioned into a successful career in the oil industry and now holds the position of owner of the Dallas Cowboys, a franchise valued at approximately $10 billion. Currently, Jones’ net worth exceeds $16 billion.
In 2015, Jones donated $10.65 million to strengthen Arkansas’ athletic programs, expressing gratitude for the foundational skills acquired during his college years.
“I would not be where I am today without those life lessons learned as a student-athlete at the University of Arkansas,” Jones explained.
Arkansas is scheduled to play the Kansas Jayhawks on Thursday at 7:10 p.m. EST, with Kansas set to lead the matchup.
Larry Ellison
Ellison is co-founder of Oracle, one of the leading tech companies worldwide, and recently ranked as the fifth-richest individual globally, with a net worth of $172 billion.
He has reportedly supported the University of Michigan in enhancing its name, image, and likeness (NIL) package to attract quarterback recruit Bryce Underwood from LSU.
Despite having no prior association with Michigan, his wife, Jolin, is an alum of the institution.
The Wolverines are set to play UC San Diego at 10 p.m. EST Thursday and are favored to win.
Daniel Gilbert
Gilbert is the co-founder of Rocket Companies, valued at nearly $30 billion. His estimated wealth stands at $31.3 billion, placing him as the 57th richest person globally. He is also the owner of the NBA team, the Cleveland Cavaliers.
In 2016, Gilbert donated $15 million to Michigan State University for its basketball initiatives, emphasizing the significant impact the school had on his life and that of his wife, Jennifer, who are both alumni.
Michigan State will compete against Bryant University on Friday at 10 p.m. EST, with the Spartans favored to claim victory.
This report was initially featured on Fortune.com
Source
sports.yahoo.com