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The University of Oxford has decided not to take down a statue of Cecil Rhodes at its Oriel College despite alumni threats to withdraw millions in donations, the college announced. The statue, like a plaque about Rhodes elsewhere on the campus, has been caught up in the debate that has swept campuses in Britain, the U.S. and elsewhere about honoring historical figures whose pasts included racist or other detrimental acts or statements.

Rhodes, the British imperialist whose bequest endowed the Rhodes Scholarships, has been at the center of the debate in Britain. In December, Oriel College officials said they had begun the process of removing the plaque honoring Rhodes and would review the status of the statue, describing the plaque's wording praising Rhodes as "inconsistent with our principles."

But in the announcement Thursday, Oriel officials said the "listening exercise" the college had undertaken in December had elicited an "enormous amount of input," overwhelmingly in favor of leaving the statue in place. "The college believes the recent debate has underlined that the continuing presence of these historical artifacts is an important reminder of the complexity of history and of the legacies of colonialism still felt today. By adding context, we can help draw attention to this history, do justice to the complexity of the debate and be true to our educational mission."

British newspaper reports indicated that Oxford and Oriel have received threats to withdraw millions of dollars in gifts if the statue was removed, though the college's statement dismissed the idea that financial considerations were a factor.

Rhodes Must Fall, the student group leading the opposition, said in a statement on Facebook that the college's decision "breached the undertakings it gave to all students in its December statement. In December, Oriel said that the plaque's display was 'inconsistent with' the college's 'principles.' It seems that Oriel no longer believes this to be the case. This recent move is outrageous, dishonest and cynical. This is not over."