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LOUISVILLE, Ky. (WDRB/AP) -- Centre College says a $250 million gift has been withdrawn. The gift from the A. Eugene Brockman Charitable Trust was among the largest to higher education in U.S. history.
The statement from the college said the gift was linked to what it called a "significant capital market event." There was no further explanation, but the statement said it put considerable time pressure on the college to structure the gift and the proposed scholarship program.
The college says the two sides ultimately decided they could not finalize the deal and get the required approval in the time available.
Centre President John Roush says the college will continue with its goal of creating the type of scholarship program envisioned by the gift.
The school is best known for hosting vice-presidential debates in 2000 and 2012. It wanted to use the gift to set up scholarships in science, computer science, and economics.
The scholarships would have been known as the Brockman Scholars Program in Leadership and Entrepreneurship. They would have been "full-ride-plus," providing tuition, room and board, and fees. They were also designed to support trips abroad to study, as well as opportunities for summer research and internships.
Forty scholarships would have been awarded each year beginning in the fall of 2014, with a goal of 160 students by 2017.