"Seeking financial stability, Averett University has sold its North Campus athletic facilities in an $18 million deal that will allow it to lease back the nearby 70-acre site, Cardinal News reported. The property is located about a 10-minute drive from Averett's main campus in Virginia. The site was purchased by local entities: the Danville Regional Foundation and the Danville-Pittsylvania Regional Industrial Facility Authority, which each own 50 percent of the property, according to Averett's announcement."
"The deal will free up much-needed cash for the embattled university, which has struggled with a shortfall attributed to financial mismanagement that was discovered in July 2024. Officials have blamed the shortfall on a former employee who made unauthorized withdrawals from the endowment. While administrators have said there was no evidence of embezzlement or theft, they filed a lawsuit last April alleging the former chief financial officer and an investment firm colluded to hide budget deficits and drained the endowment of almost $20 million."
"Averett president Thomas H. Powell described the sale as a win for all parties involved. "This partnership is crucial for the long-term stability of Averett University. As the city's only four-year college, Averett is richly embedded in the fabric of the region and is a key economic force in Southside Virginia," Powell said in a news release. "With this partnership, Averett will now be able to continue to grow and evolve into a university that better serves the community."
Averett University sold its North Campus athletic facilities in an $18 million deal and will lease back the adjacent 70-acre site. The property was purchased equally by the Danville Regional Foundation and the Danville-Pittsylvania Regional Industrial Facility Authority, with Averett paying annual lease fees and retaining the option to repurchase at the original price. The sale will provide immediate cash to address a significant budget shortfall tied to financial mismanagement discovered in July 2024, including alleged unauthorized withdrawals from the endowment. The shortfall prompted pay cuts, job eliminations, and program cuts. University leadership characterized the partnership as crucial for long-term stability and regional service.
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