![]() ![]() John Sperling, was for years one of Arizona’s largest, most valuable and most visible public corporations, generating a profit of $553 million on revenue of $4.9 billion in 2010 and regularly placing Sperling among the state's wealthiest billionaires.įrom its start in 1976, the University of Phoenix eventually counted more than 450,000 students but enrollment plunged amid a series of lawsuits, fines and other punitive actions by regulators, including a $191 million settlement of a deceptive-advertising lawsuit in 2019. The predecessor parent company, Apollo Group, founded by Dr. The University of Idaho acknowledged past problems at the University of Phoenix but said the school has worked to improve its reputation under Apollo Global Management and other institutional investors, which purchased the company for $1.1 billion in 2017. New chapter for once high-flying University of Phoenix Conversely, the University of Idaho stands to receive $10 million in annual funding from the affiliation. The University of Idaho pledged to pay up to $10 million a year should the not-for-profit corporation miss payments on its bonds. Under the deal, Apollo Global Management and other current owners of the University of Phoenix would transfer $200 million to the new not-for-profit corporation. The pending acquisition comes roughly three weeks after trustees of the University of Arkansas narrowly rejected a similar proposal, at a purchase price estimated at about $500 million, according to an article by Inside Higher Ed. The not-for-profit corporation would acquire the University of Phoenix using money raised from the sale of bonds, without requiring funding from Idaho taxpayers. The University of Idaho said it intends to retain University of Phoenix staff and administrators and keep open the latter’s campus near Interstate 10 and 32 nd Street. The affiliation could start by early 2024, assuming the universities receive the necessary approval from regulators including the Higher Learning Commission, which oversees the University of Phoenix. The Idaho State Board of Education voted in favor of the deal Wednesday, moving quickly after the potential deal was publicly announced. The University of Phoenix, which once boasted hundreds of thousands of students and generated billions of dollars in revenue, is on track for a $550 million purchase by a not-for-profit entity created by the University of Idaho. ![]()
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