The University of Oregon is getting a $1 billion donation from Phil and Penny Knight to create the Knight College of Engineering.

The donation will fund the construction of a third building on the university’s Knight Campus, costs to hire faculty and staff and operational expenses for the new college in “perpetuity,” Robert Guldberg, vice president and Knight Campus executive director, told reporters Wednesday, Sept. 23.

The gift, which he said is spread out over 10 years, is the largest “given to a comprehensive public university,” according to an early-morning press release from the university.

There will not be any duplication of engineering programs offered at Oregon State, and you can find the official Oregon Press Release right here.

An article about it from Yahoo.com discloses more details, and a local paper offers more perspectives. This is a pretty stunning gift, that begins to move the destiny of the university behind Our Beloved Ducks in a direction none of us could have foreseen.

Just... WOW!

There are people who I am more than glad to see create and obtain serious money. I would absolutely put the Knight's on this list.

This single donation doubles their total approximate donations to the University of Oregon -- now at about $2.2 Billion.

This comes immediately on the heels from less than 2 weeks ago of their amazing $1.1 billion dollar donation to Providence Health System for Women's Health & Cardiac Services.

And it's not like they waited until their Nike stock value was at a high. 2 years ago, when Nike stock was high, it looks like the Knight's net worth was about $40 billion dollars. Today, it's about $25 billion. So, and in the course of just the last couple weeks, they have committed to giving roughly nearly 10% of their current net worth away.

And this is certainly not the only money they are giving away.

Thank you, Phil & Penny Knight, for modeling how it should, and can be, done.

Edited 2 hours ago2 hr by Desert Duck

Far from an expert regarding Mr Knight. My understanding is that he has already transferred huge amounts of wealth to his children. His intention with the rest is to give most away prior to his death so he can enjoy the effect and see it happen. Since he is 88 and the road is getting short it may be that he and his spouse are accelerating doing what gives them joy.

God bless them both.