Billionaire offered $25 million to high school alma mater. What he wanted in return was too much

Billionaire offered $25 million to high school alma mater. What he wanted in return was too much for the district.


The school would receive a new name — the Abington Schwarzman High School — and, “for the avoidance of doubt,” officials would make sure the name was displayed, “at a minimum,” at the front and above each of the six entrances.

Parts of the campus would be named after his brothers, former high school track coach and two friends on the track team.

Schwarzman’s portrait would appear “prominently” in the school.

Schwarzman would have input into the construction of the new campus, which is set to be done in 2022, including the right to approve contractors.

He would receive regular reports on the progress of a computer literacy initiative.

The agreement would be kept secret unless Schwarzman approved its release.

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The board approved the pact without community input, and when residents learned that Schwarzman had essentially bought naming rights to the school, they pushed to get details, the story said. The board waited a few weeks after approving the contract to release it to the public — but by then, the board had rescinded the agreement and promised to vote on a new pact with most of the earlier demands stripped out.



https://www.washingtonpost.com/news/answer-sheet/wp/2018/04/12/billionaire-offered-25-million-to-high-school-alma-mater-what-he-wanted-in-return-was-too-much-for-the-district/?utm_term=.4dd0b98b3518