Purdue Athletics has officially received the largest gift in its history, and it is specifically for one individual. Nathan Baird at the Lafayette Journal & Courier reported this morning that L. Dick Buell has given a whopping $10 million to endow the head coaching position for Purdue men’s basketball:
“I’m a very blessed guy, I am a very faithful guy, and I’m going to give back to the place that got me where I am,” Buell said.
Buell’s donation does not necessarily pay Matt Painter’s salary, or that of whoever someday succeeds him. The sum — which Buell expects will eventually exceed the baseline $10 million pledge — instead draws interest that compounds over time or can be used toward other expenses.
Buell’s not picky about that part. He said he’s giving back to “help kids who couldn’t do it on their own.”
So while Painter is currently getting paid more than $3 million per year through the 2021-22 season, this is not money set aside specifically to pay his salary. Instead it seems more like it is money that will sit and generate interest in the athletic funds. The article also states that it is the second endowed head coaching position at Purdue, as Art & Connie Euler endowed Dave Shondell’s position as volleyball coach last year.
“Against the backdrop of a historically generous John Purdue Club membership, this significant commitment from Dick Buell establishes a new high-water mark for Purdue Athletics,” Bobinski said in a news release. “We are profoundly honored that Dick has combined his passion for the Boilermakers and his lifetime of business success to establish this endowment.
”Dick’s appreciation for Matt Painter’s principled leadership and his recognition of the positive impact a successful men’s basketball program has across the entire Purdue community reinforced his decision to commit a gift of this magnitude. We offer a heartfelt thank you to Dick for his game-changing commitment.”
Buell also said that he wants his gift to be a start:
He also wants other Purdue alums with deep pockets to follow his lead and step up their support.
”I think Purdue basketball and Indiana are synonymous and I would encourage anyone that can make a donation should make a donation and help build the Matt Painter era,” Buell said.
”I’ve talked to Matt and his ethics and his values and his standard for college basketball are unequaled. I think that investing money from me or from anybody else is a great investment for the brand of Purdue University basketball.”
Looks like we finally have our sugardaddy!