Saint Augustine's enters partnership with sports and mixed-use developer 50 Plus 1 Sports

Wednesday, November 27, 2024 12:07AM

SAU enters major partnership with sports and mixed-use developer

Saint Augustine's said it expects the collaboration to generate $70 million, along with additional future revenues.

RALEIGH, N.C. (WTVD) -- Financially strapped Saint Augustine's University announced a new partnership Tuesday as the beleaguered HBCU continues to address its monetary challenges.

The latest development is a strategic partnership with 50 Plus 1 Sports, based in Coral Gables, Florida.

"This agreement marks a pivotal moment for SAU as we embrace a bold vision for future growth," said Brian Boulware, Chairman of the SAU Board of Trustees. "We are excited to collaborate with 50 Plus 1 Sports, a proactive and dynamic partner, and its team of global investment partners, to deliver long-lasting benefits to our students, faculty, and the amazing Raleigh community. Together, we're building a future that solidifies SAU's role as a cornerstone of this city."

Saint Augustine's said it expects the collaboration, which was sealed through a Letter of Intent signed on Nov. 17, to generate $70 million, along with additional future revenues. If that comes to fruition, it would mean a significant cash infusion for a university already in debt and struggling to pay its bills.

In recent weeks, the university and another funding partner, Gothic Ventures, have faced criticism after SAU received a $7 million high-interest loan using school land as collateral.

Just days ago, SAU announced that it would eliminate 50% of staff positions

"We are absolutely thrilled to come to Raleigh and partner with Saint Augustine's University, local developers, and community leaders in this incredible city," said Monti Valrie, President & CEO of 50 Plus 1 Sports. "This collaboration underscores our commitment to creating projects that resonate with the community, enhance local opportunities, and establish meaningful relationships within the business ecosystem."

SAU said the "transformative partnership" positions it to "tackle its financial challenges head-on while proactively engaging with the broader Raleigh community to create a lasting positive impact."

Exactly what the scope of the partnership remains unclear, but SAU said it will hold a news conference in December to reveal more details.

50 Plus 1 Sports is a professional sports stadium and mixed-use development firm. According to its website, it's the first national sports financing and development firm to require 50% minority and female participation in every project it partners in.