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Two previous deals for business school fall through
By Janet Okoben
Plain Dealer
Published on Thursday, May 15, 2008
CLEVELAND: Another potential buyer for Cleveland's Myers University has signed on to take over the financially troubled business school.
A California-based investor, who had previously bid unsuccessfully for the school, jumped at the chance to save Myers after a deal with a Connecticut-based investor fell through this week. That failed deal followed the collapse of a takeover plan by some Virginia businessmen.
Michael Clifford, chairman of an investment group called Significant Partners, and his investors would pay $5.25 million for the college.
His company's most notable educational acquisition to date has been the purchase of Grand Canyon University in Arizona in 2004.
Grand Canyon went from a nonprofit Baptist school to a for-profit venture that boasts an online and campus-based enrollment of 16,000.
Myers already has received $500,000 from Clifford to keep the school open for the summer. Another $2.5 million would be paid in cash at closing, according to the company's letter of intent, and would be earmarked to pay some of Myers' $13 million debt.
A $4.7 million loan to the Port Authority won't be fully repaid, but Clifford's company has agreed to pay $2.25 million toward that debt over the next two years.
The faculty and staff would stay on, Clifford said Wednesday.
CLEVELAND: Another potential buyer for Cleveland's Myers University has signed on to take over the financially troubled business school.
Get the full article here.
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