It's good to be the alma mater of a billionaire entrepreneur.
Under Armour founder and CEO Kevin Plank has lavished the University of Maryland with support. Now his high school is the beneficiary of Plank's largesse.
Over the weekend, Plank pledged $16 million to St. John's College High School in Chevy Chase from his private foundation.
The gift from the Cupid Foundation Inc. will anchor a capital campaign to support athletics, academics and entrepreneurship initiatives.
The school said it is the most generous gift in its history and one of the most generous grants ever made to a Catholic high school.
Planks' grant will support capital projects, including new athletic facilities, as well as establish the Entrepreneurial Center for Innovation and Leadership and provide tuition assistance for needy students.
“The most important aspect of this gift is the tuition assistance that we will provide to students who might not otherwise be able to afford the St. John’s experience,” said Plank, who is a trustee of the school, in a statement released by the school. “I am committed to investing in education, entrepreneurship and promoting physical fitness in Baltimore and Washington, DC. Providing great facilities, academics and programming to current and future students at St. John’s is just one very important part of that commitment.”
Plank retains a significant and controlling ownership stake in the Baltimore-based athletic apparel brand he started selling wicking t-shirts out of the trunk of his car. Forbes magazine recently valued his net worth at $3.9 billion.
St. John's President Jeff Mancabelli said, “Kevin Plank’s transformational gift will impact the lives of every student on campus.”