The University of Minnesota has roughly $40 million committed to its ambitious $190 million project that would reshape Gophers athletics, Gophers athletic director Norwood Teague announced Wednesday.
Land O'Lakes, Inc. and the Land O'Lakes Foundation have taken the first big step in the fundraising charge by contributing $21,037,500 to the athletics facilities master plan. The university celebrated its new partnership with the corporate giant on Wednesday afternoon on the campus' Northrop Mall.
Administration, faculty, students, student-athletes and Land O'Lakes staff enjoyed snacks provided by Land O'Lakes' food companies while university president Eric Kaler and Land O'Lakes president and CEO Christopher Policinski welcomed a new era of collaboration.
"It's a great shot in the arm, something that we're thrilled about," Teague said. "We've really found a company that shares the values that we share and cares about athletes' success. … We have such a robust corporate climate and to get them involved is great and we're in discussion with others [corporations]. The response there has been greater than I thought it would be."
Teague said the additional pledged $19 million is from individual donors, most of whom contributed their monies to a specific project. The combined $40 million accounts for more than a fifth of the complete goal and was reached much sooner than the fundraising board expected.
Fundraising chairman Lou Nanne, a former Gophers hockey star and North Stars executive, and Teague said the aggressive campaign for donors didn't start until the beginning of the summer.
"We're at $40 million right now and that will probably change this week," Teague said. "I'm really pleased to be at that point at this moment.
"Fundraising is a different process. It's not something you sprint at, you want to operate at a good pace, but not too quick."