The University announced in August that Phil Knight, MBA ‘62 and founder and chairman of Nike Inc., will donate $105 million to Stanford’s Graduate School of Business (GSB).

Knight’s gift is thought to be the single largest gift ever given to a business school.

“Phil Knight has once again shown the depth of his commitment to Stanford’s future,” said President John Hennessy. “The enormous generosity of this gift will enable the Graduate School of Business to create a truly unique environment for its graduate programs and enrich Stanford’s efforts to encourage multidisciplinary teaching and research that transcends traditional boundaries.”

The University plans to break ground on the $275 million center in 2008. The remaining $5 million will be used to match other gifts towards the faculty endowment. $100 million of Knight’s gift will go towards the construction of the Knight Management Center, the new home of the GSB.

“We are most grateful for this vote of confidence from Phil,” Hennessy said. “And look forward to the extraordinary intellectual innovation I’m certain this gift will foster.”