Larry Gies Makes Transformational $100 Million Gift to Illinois Athletics

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#176      
the juiceman cometh
If anyone is interested, the University does have policies regarding the naming of facilities in relation to gifts. Typically the name is good for the "useful life of the facility."

I am all aboard for this donation and adding the Geis name to the stadium. The one concern I had was whether this would curtail the possibility of future big donations of the same nature, or future commercial naming rights (the one advantage the State Farm deal has is that is eventually expires and then the naming rights can be bid out again). However, the policy does allow for the addition of a second name in the event of a subsequent significant gift, and specifically mentions a facility renovation as an example (Geis-Khan Memorial Stadium anyone?).

Naming Campus Facilities, Programs, Projects and Existing Units for Distinguished Individuals and Donors – Campus Administrative Manual

cam.illinois.edu cam.illinois.edu

Also there are always going to be opportunities for wealthy people to get their name on stuff. Maybe $20 million gets your name on the north goalpost?
 
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#179      
vikings001
One Man Fast Break said:
I won't doxx myself here, but I can confirm that while how he is outside work may be one thing, but this guy is definitely an absolute psycho when it comes to his business. He's a self-made billionaire, you have to be kinda built different (think like the Michael Jordan of the business world) to achieve that level of success. Not passing value judgment on him one way or another on it.
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Can absolutely confirm this as well. He’s very nice outside of work though but yea he’s crazy. Him and his now ex-wife met at Illinois. He didn’t grow up with tons of money. Just a crazy guy in terms of business intensity/success.
 
#180      
kmunt09
the juiceman cometh said:
If anyone is interested, the University does have policies regarding the naming of facilities in relation to gifts. Typically the name is good for the "useful life of the facility."

I am all aboard for this donation and adding the Geis name to the stadium. The one concern I had was whether this would curtail the possibility of future big donations of the same nature, or future commercial naming rights (the one advantage the State Farm deal has is that is eventually expires and then the naming rights can be bid out again). However, the policy does allow for the addition of a second name in the event of a subsequent significant gift, and specifically mentions a facility renovation as an example (Geis-Khan Memorial Stadium anyone?).

Naming Campus Facilities, Programs, Projects and Existing Units for Distinguished Individuals and Donors – Campus Administrative Manual

cam.illinois.edu cam.illinois.edu

Also there are always going to be opportunities for wealthy people to get their name on stuff. Maybe $20 million gets your name on the north goalpost?
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Interesting to note that the policy allows for a second name on the stadium, if ever needed.


I assume the naming of the "field" is forever off limits, due to the Zuppke Field naming. I.E. no room for a business transaction like Indiana with "Merchants Bank Field at Memorial Stadium"

This parallels our Lou Henson Court at State Farm Center. Reserving "field"/"court" naming rights as honorary to history, rather than for sale.
 
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#181      
ChicagoSouthSideIrish
Pikeillinifan said:
I'm curious and sure we'll hear more, but I would almost guarantee there are some guidelines or parameters that have been discussed prior to giving, and some terms around the gift. Whatever those terms or guardrails are, this is a massive day for the AD and Illini sports.
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Here comes the basketball team and other sports should get some of the 100million too people. No they should not. All the money should go to football who cares about the other sports. Football is king. Basketball has gotten enough money over the years. It’s time to heavily invest into the Football program
 
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#182      
Battle89
the juiceman cometh said:
If anyone is interested, the University does have policies regarding the naming of facilities in relation to gifts. Typically the name is good for the "useful life of the facility."

I am all aboard for this donation and adding the Geis name to the stadium. The one concern I had was whether this would curtail the possibility of future big donations of the same nature, or future commercial naming rights (the one advantage the State Farm deal has is that is eventually expires and then the naming rights can be bid out again). However, the policy does allow for the addition of a second name in the event of a subsequent significant gift, and specifically mentions a facility renovation as an example (Geis-Khan Memorial Stadium anyone?).

Naming Campus Facilities, Programs, Projects and Existing Units for Distinguished Individuals and Donors – Campus Administrative Manual

cam.illinois.edu cam.illinois.edu

Also there are always going to be opportunities for wealthy people to get their name on stuff. Maybe $20 million gets your name on the north goalpost?
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Hey, I've got a brick outside the stadium, so my name is there too, at approx a 99.9999995% discount to what Geis paid!
 
#183      
Fighter of the Nightman
blackdog said:
Good bet says they're already in talks with other big fish and probably have been for quite awhile. Just because they made this public now doesn't mean it wasn't already a done deal for some time.
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Yeah, I am guessing they have a total budget in mind (or a few ranges/tiers, depending on what they can fundraise), and they will use the $100M gift as raising the floor. So now they have an idea of what they can put out there as far as renderings go to "hook" the other necessary donors, but they were probably always assuming some more money would flow in after this.
 
#184      
JKR
Guest said:
A lot of people have pointed out that it is named after Gies’s father, a (WWII?) veteran. But who will remember that in 10 years or so? There are still many people who don’t know that the name, Fighting Illini, was named after the veterans who fought in WWI and not for an Indian tribe. I think most people will just assume it was named after the son, or more likely, the Gies family.
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Viet Nam
 
#187      
SuperintendentChalmers
altgeld88 said:
James Buchanan Duke, Andrew Carnegie & Andrew Mellon (two narcissists on that one), John Harvard, Elihu Yale, and Ezra Cornell, just to name a few off the top of my head, hang their heads in shame for allowing ego to supplant humble anonymity in their endowment of several of the finest institutions of learning on earth.

Only John Rockefeller, who was unusually fervent in his Presbyterian piety, refused to allow his name to be attached to his creation (the Univ of Chicago.)

We're social, status-seeking beings, which stimulates a drive in certain remarkable individuals to sacrifice a great deal in the pursuit of productivity, fortune, and fame.

I'm for facilitating a system in which as many Larry Gieses as possible create, flourish and enable me, a guy with a slightly different utility curve concerning how I spend my time, to enjoy the fruits of their prodigious, arduous labors.

I didn't major in business at UIUC but when I strolled past the Gies College last month while passing through town I thought to myself: that's a major upgrade on Comm West, in facilities and I'm sure in faculty, research, and reputation (for a place that already had a stellar one.)

I'm glad that Larry is one of our tribe.

:alma-mater:
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James Buchanan Duke wanted to put his name on Princeton first, but they said no.
 
#188      
EyeoftheIllini
blackdog said:
Subtle point but just because Gies didn't have specific instructions doesn't mean they wouldn't have a solid plan to show him before he put the money down. Very rare is someone going to spend that much money without having a pretty good idea of how its going to be spent.
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And they’ll keep touching base with him, getting his input and making certain their plans dovetail with his intentions for the gift. It’s all about stewardship and cultivation now. Obviously, the university has done a good job of this or they wouldn’t have secured his initial $150M gift and now this $100M gift. I fully expect another large gift to the university in time. Might go to the academic side or go again to sports — all about listening and determining what speaks to Mr Gies.
 
#189      
EyeoftheIllini
illinoisfootball said:
Does Gies get a say what it's used for?
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I’m certain there is already an agreement on what in general it will be used for and that has been mentioned in press release and articles. The agreement might be lacking somewhat in specifics as to not completely tie the hands of the university, but I can assure you the money will not be used in a way that Mr Gies does not approve. He is more than capable of making at least one more significant gift to the university in the future, and they won’t jeopardize that possibility.
 
#190      
Illiniguy74
Fly Illini Fly! said:
for any clarity/conformation:

https://twitter.com/x/status/1965569583974416609

The money, Whitman said, will largely go towards football and Memorial Stadium, but comes with no specific instructions from Gies, who also donated $150 million to the UI College of Business, which bears his name.
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I'm waiting for Fighter of the Nightman's detailed distribution analysis. He's our recognized authority on all such matters.
 
#191      
SeattleSlim
the juiceman cometh said:
This is a purist definition of a gift and probably the optimist's definition of one. But if that's how we define gift I'm not sure I've ever seen a true gift given. Everyone who's ever gifted something has gotten something in return. Usually it's just a warm fuzzy feeling and a "thank you." Validation: we all crave it.

If you've ever given a gift and gotten no appreciation (probably you've experienced this if you have kids) I'm sure it didn't feel good. You probably thought to yourself "why do I even bother." But if you truly expected nothing in return, you wouldn't have thought that, right?

When my wife gifts me nice clothes, she gets a lifetime of me saying "thanks, my wife actually bought me this, she has great taste" whenever I am complimented on said clothes in public. I'm sure to her that validation is great value on the money she paid for a shirt or sweater. When the gift is 9 figures though, I suppose the validation needs to be bigger too?

All I know is that if you were to put the naming rights up for sale you wouldn't get $100 million. State Farm is paying just $2 million a year for the naming rights to Assembly Hall. To me it's like when you donate to a public radio station and get a tote bag. Are you paying $10 a month in perpetuity because you wanted a $20 tote bag? Of course not. You're paying $10 a month because you want to support public radio. But having the tote bag gives you some validation and social cachet. You walk around town, and everyone knows you support public radio. Other customers in Trader Joes smile at you. We are all humans at the end of the day and everybody who does something good wants the social validation of having done something good.
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You’ve never heard of an anonymous gift?, … or a selfless act? Such things are exceptional, yes. But they do exist.
 
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#192      
SeattleSlim
And to bring things full circle … does anyone really think the fallen whom Memorial Stadium honors “gave” the ultimate sacrifice for social validation?
 
#193      
Dkayak
SeattleSlim said:
You’ve never heard of an anonymous gift?, … or a selfless act? Such things are exceptional, yes. But they do exist.
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A church I belonged to long ago received an anonymous $10m gift in 2010 to help build a new sanctuary debt-free. My current church home has received several large anonymous gifts, one from a non-member. Not everyone wants the credit. Some folks are just generous.
 
#194      
the juiceman cometh
Dkayak said:
A church I belonged to long ago received an anonymous $10m gift in 2010 to help build a new sanctuary debt-free. My current church home has received several large anonymous gifts, one from a non-member. Not everyone wants the credit. Some folks are just generous.
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Pretty sure anyone donating to a church still wants credit from an entity to whom anonymity is no barrier, and is also hoping for a return of eternal value on their investment.
 
#195      
illinoisfootball
I mean, if he's got $150 to give to the school of business and another $100 mil for athletics....my driveway could use replacing...
 
#196      
HensonHall71
illinoisfootball said:
Does Gies get a say what it's used for?
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Josh was pretty clear that Gies did not put any strings attached to the donation so Josh can use it as appropriate, but it's also clear that it will be for Memorial stadium. I'm sure the vision is, improve the stadium, build a better gameday experience, more ticket sales/revenue, better recruiting, more home field advantage to win more on the field and it's a winning cycle. It's hard to argue with.

It's also clear this is a commitment over time - likely over 5 or 10 years so it's really $10/$20M per year
 
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