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Alumni group to pay $6M to separate Antioch College in Ohio from parent university

By Associated Press

12:52 PM EDT, June 30, 2009
DAYTON, Ohio (AP) — An alumni group from Antioch College in Ohio has a conditional agreement that will allow them to operate the financially strapped school and reopen in two years.

The alumni group agreed to pay parent Antioch University $6 million for the campus and the college's endowment. The school is closed because of financial problems caused by declining enrollment, a heavy dependence on tuition and a small endowment.

The college in Yellow Springs, Ohio, is the flagship of Antioch University, which also has campuses in Seattle, Los Angeles, Santa Barbara, Calif., and Keene, N.H.

The agreement, announced Tuesday, is contingent on approval from the Ohio attorney general's office and university bond holders.