Business school reaches magic $25 million figure

By ELLEN READ

It's pay-up time for the Government.

Businessman Douglas Myers has contributed the final $1 million to take fundraising for an expanded University of Auckland Business School to $25 million - the magic sum which opens the Government's chequebook for a matching contribution.

The announcement was made at last night's farewell dinner for university Vice-Chancellor John Hood who is leaving to head Britain's Oxford University.

"I'm thrilled that he did that. Douglas has been part of the project from the beginning and advised us through the planning of it. He's very committed to ensuring this country has as good a business school as it possibly can," Mr Hood said.

He starts his new job in October but said he would keep a close eye on the university he has headed for five years.

Further funding of $25 million is being sought from the private sector and Mr Hood said good progress was being made with this.

Mr Myers was part of an original group of leading Auckland businessmen who laid down the challenge to the university several years ago to lift the standard of business education - prompting the business school project.

"To maintain New Zealand's high living standards [we] must train and retain world class businesspeople," he said, explaining the reasons for his seven figure donation.

The Business School project began in 2001, when the university decided to transform itself from a leading Australasian institution into a world class one. It plans to develop a research-led school teaching entrepreneurship, innovation and technology management alongside accounting, finance and economics.

The new site, on the corner of Wynyard St and Grafton Rd, was blessed and the ground broken at a dawn ceremony in November.

The project

* Seven levels above ground and four levels carparking below.

* Built around a central atrium with three curved wings.

* Total cost: $110 million.

* Funding to date: $25m (private sector), $25m (Govt under Partnerships for Excellence). Another $25m will be sought from private sector. The university will contribute the balance.

* Building due for completion in 2007