2008 Woodie Awards
Antioch University calls for buyers of Antioch College
College faces closing if business negotiations continue to fail
By: THE ASSOCIATED PRESS
Issue date: 3/31/08 Section: State
YELLOW SPRINGS, Ohio (AP) - Antioch University is offering its flagship Antioch College for sale to any buyer that can provide the full payment up front, after negotiations with an alumni group failed, a university spokeswoman said yesterday.
The university and an alumni group attempting to take over Antioch College's operations called off negotiations Friday after school officials declined the group's "best and final" offer to pay half of the $12.2 million price over five years. The school wants the full payment at closing of the deal.
Antioch now says it is open to negotiations with any potential buyer - including the group of wealthy alumni and former trustees that make up the Antioch College Continuation Corporation - that can provide all of the money at closing.
If the trustees feel "they can work out the financing on $12.2 million, the rest is definitely workable," said Antioch University spokeswoman Lynda Sirk.
The alumni group has been negotiating with the university since December.
Antioch College is planning to close June 30 for at least one year unless a business deal is reached that could keep the school open. The school will close and reopen in 2012 or as soon as possible.
University trustees announced last June that they planned to close the Yellow Springs college temporarily, citing declining enrollment, heavy dependence on tuition and a small endowment. About 200 students are currently enrolled at the college.
Founded in 1852 and located about 15 miles east of Dayton, the college doesn't grade classes, encourages students to develop their own study plans and combines academic learning with experience through a co-op program in which students leave campus to work in various fields.
The college is known for its pioneering academic programs that produce students with a passion for free thinking and social activism. Famous alumni included "Twilight Zone" creator Rod Serling, Coretta Scott King and evolutionary scientist Stephen Jay Gould.
The university and an alumni group attempting to take over Antioch College's operations called off negotiations Friday after school officials declined the group's "best and final" offer to pay half of the $12.2 million price over five years. The school wants the full payment at closing of the deal.
Antioch now says it is open to negotiations with any potential buyer - including the group of wealthy alumni and former trustees that make up the Antioch College Continuation Corporation - that can provide all of the money at closing.
If the trustees feel "they can work out the financing on $12.2 million, the rest is definitely workable," said Antioch University spokeswoman Lynda Sirk.
The alumni group has been negotiating with the university since December.
Antioch College is planning to close June 30 for at least one year unless a business deal is reached that could keep the school open. The school will close and reopen in 2012 or as soon as possible.
University trustees announced last June that they planned to close the Yellow Springs college temporarily, citing declining enrollment, heavy dependence on tuition and a small endowment. About 200 students are currently enrolled at the college.
Founded in 1852 and located about 15 miles east of Dayton, the college doesn't grade classes, encourages students to develop their own study plans and combines academic learning with experience through a co-op program in which students leave campus to work in various fields.
The college is known for its pioneering academic programs that produce students with a passion for free thinking and social activism. Famous alumni included "Twilight Zone" creator Rod Serling, Coretta Scott King and evolutionary scientist Stephen Jay Gould.
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