Stephen Ross, real estate tycoon, owner of the NFL franchise the Miami Dolphins and University of Michigan (UM) grad, will donate $200 million to his alma mater, the New York Times reported.
Ross' donation will fund mostly the Stephen M. Ross School of Business, which was named after him in 2004 when he gave $100 million for its construction. Ross graduated from UM in 1962 with an undergraduate degree of business.
The school will also name the Athletic Campus and have already named the Academic Center after the Dolphins owner and Related Companies founder and chairman following a previous donation. The total amount he has donated to UM now amounts to $312 million.
"The University of Michigan had a profound impact on my life, and I have received enormous satisfaction from being able to give back to the institution that played such a critical role in my success," Ross said in a statement.
Ross's real estate company, Related Companies, based in New York, is currently building the Hudson Yards project on Manhattan's West Side. The project is one of the biggest in the nation's history and will construct 17 buildings across 26 acres on top of the West Side railyards.
Ross has now given the largest single donation in UM's history, surpassing Charles Munger, the vice chairman of Berkshire Hathaway, who gave $110 million last year.
"Steve deeply believes in our future," UM president Mary Sue Coleman said in a statement. "His generosity will benefit generations of students, faculty and athletes. Thank you for believing in Michigan, for believing in our work."
According to a recent article in Fortune Magazine on Ross and his Hudson Yards project, writer Shawn Tully reveals the real estate tycoon for the UM Wolverines fan he truly is. Tully described his office to be covered in UM paraphernalia and memorabilia and Ross' ringtone set to the Wolverine's fight song, "The Victors."
Ross told the Detroit Free Press he values UM's dedication to both academics and athletics.
"When you fuse these together, you get a school spirit that exceeds any other school in the country."