In a significant move toward financial recovery, Saint Augustine’s University is prepared to make a deal to see part of its campus leased to Coral Gables-based 50 Plus 1 Sports for $70 million over 99 years.
Monti Valrie, principal and managing partner of 50 Plus 1 Sports, confirmed the agreement. “We are absolutely thrilled to come to Raleigh and partner with Saint Augustine’s University, local developers, and community leaders in this incredible city,” Valrie stated in a recent interview with the Charlotte Post. He emphasized the company’s dedication to cultivating projects that benefit local residents and enhance economic opportunities.
As outlined in the agreement, the lease terms include an initial payment of $60 million by Dec. 31 and an additional $10 million due by June 1, 2025. In addition to the lease revenue, 50 Plus 1 Sports will assist the university in negotiating settlements for its outstanding debts, which currently exceed $14 million. This includes over $9 million owed to the IRS, $2 million in student refunds, and $3 million to its former food service vendor, Aladdin Foods.
A Financial Comeback
The partnership will also alleviate some of SAU’s pressing financial burdens. 50 Plus 1 Sports will take on half of the university’s high-interest loan obligations with Gothic Ventures, which recently saw SAU draw funds to cover missed employee payroll. Under the new agreement, 50 Plus 1 Sports will receive 65% of the revenue from the leased land for the first 15 years.
In recent months, SAU has taken drastic measures to address its fiscal challenges, including laying off staff and reducing its workforce by nearly 50%. Last month, the university cut 67 staff positions and 37 full-time faculty roles, among other adjustments. “These decisions are essential for safeguarding the future of St. Augustine’s University and the students we serve,” stated Hadley Evans Jr., vice-chairman of the Board of Trustees.
The university’s struggles have not gone unnoticed by accreditation bodies. After multiple warnings regarding its financial state, SAU was initially removed from the Southern Association of Colleges and Schools Commission on Colleges membership last December. However, following an appeal, the university regained its accredited status on probation. A follow-up evaluation is anticipated this month.
Despite these challenges, SAU continues to enjoy strong support from its alumni, with consistent giving patterns reflecting a committed network of graduates. Additionally, interest in enrollment remains robust, with over 700 applications already submitted for the fall 2025 semester.
