- Over a dozen billionaires have generously donated to colleges that are home to some of the top basketball programs in the nation. Some notable donors include the founder of Nike, an heiress of Walmart, and the owner of the Dallas Cowboys. Many of these teams supported by billionaires are expected to perform well in the upcoming March Madness tournament starting on Thursday.
With the sports entertainment industry valued at $2 trillion, it’s not surprising to see America’s ultra-wealthy individuals showing interest in contributing to prestigious college sports programs.
There is a notable group of more than twelve billionaires who have made significant donations to the schools participating in this year’s March Madness tournament. Some of these individuals are well-known figures while others have amassed their wealth away from the public eye.
Aside from the recognizable names like Nike founder Phil Knight, Walmart heiress Nancy Walton Laurie, and Dallas Cowboys owner Jerry Jones, there are several other high-profile CEOs and executives making substantial investments in March Madness schools. The NCAA reported a record $1.29 billion in revenue in fiscal 2023, mainly from the March Madness tournament. Additionally, the tournament is expected to distribute hundreds of millions of dollars to participating schools.
Fortune has compiled a list of billionaire donors to schools in this year’s March Madness tournament. Please note that this list is not exhaustive.
Phil Knight
Knight, who was a college athlete himself, ran track at the University of Oregon in the 1950s while pursuing his bachelor’s degree in accounting. The 87-year-old founder of Nike has shared his $33.5 billion fortune with his alma mater, making multiple significant donations to support academic and athletic programs. His total donations to Oregon have exceeded $1 billion.
In one instance, Knight made two separate $500 million donations for science-related academics at Oregon, and in 2007 he and his wife announced a $100 million gift for the UO Athletics Legacy Fund to support all athletic programs.
Oregon is set to face Liberty University on Friday at 10:10 p.m. EST and is predicted to win.
Nancy Walton Laurie
As an heiress of the Walmart family, Walton Laurie holds a personal net worth estimated at $12.5 billion. She generously donated $25 million alongside her husband Bill Laurie in 2001 for a new basketball arena at the University of Missouri.
The arena was originally named Paige Sports Arena after their daughter. Mizzou will play against Drake University at 7:35 p.m. EST on Thursday and is expected to win.
Jerry Jones
As a University of Arkansas alum, Jones played football for the Razorbacks in the 1960s before becoming a successful oil businessman and owner of the Dallas Cowboys. The Dallas Cowboys is currently valued at about $10 billion, and Jones’ net worth is estimated to be over $16 billion.
In 2015, Jones donated $10.65 million to the Arkansas athletic program, acknowledging the role of his student-athlete experience at the university in his business success.
Arkansas will play the Kansas Jayhawks on Thursday at 7:10 p.m. EST, and Kansas is anticipated to come out on top.
Larry Ellison
Ellison, the co-founder of Oracle, is currently the fifth-richest person globally with a net worth of $172 billion.
Reportedly, he assisted the University of Michigan in funding a name, image, and likeness sports package to recruit quarterback Bryce Underwood from Louisiana State University to Michigan in November 2024.
Although Ellison did not have a prior connection to Michigan, his 33-year-old wife, Jolin, is an alumna of Michigan.
The Wolverines will play UC San Diego at 10 p.m. EST on Thursday and are favored to win.
Daniel Gilbert
As the co-founder of Rocket Companies, Gilbert’s firm currently has a market cap of nearly $30 billion. With an estimated net worth of $31.3 billion, he ranks as the 57th-richest person globally today. Gilbert also owns the NBA’s Cleveland Cavaliers.
In 2016, he donated $15 million to Michigan State University to support the school’s basketball program. Both he and his wife, Jennifer, are alumni of Michigan State and emphasized the significant role the university played in their lives.
Michigan State will compete against Bryant University on Friday at 10 p.m. EST, with the Spartans expected to emerge victorious.
This story was originally featured on Fortune.com
