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The University of Arkansas System Board of Trustees on Wednesday unanimously approved the acquisition of Grantham University, an online for-profit institution based in Lenexa, Kan.
The system will purchase all of Grantham's assets for $1.
"If you guys are voting in favor, I'm going to pass a hat at the end of this and ask each of you to kick in a dime so we can afford this," Michael Moore, the system's vice president of academic affairs, joked during the meeting.
"This deal does not have a revenue-sharing agreement. It does not have a 20- or 30-year hitch to an online program manager that allows the previous owner of the institution to keep their nose under the tent," Moore said. "What this deal does is transfer substantially all of the assets and most of the liabilities to the University of Arkansas system for $1. It's that clean."
System officials hope the transaction will wrap up in October of this year. The acquisition still awaits approval from Grantham's board of directors; the board of Grantham's owner, The Level Playing Field Corp.; and the Distance Education Accreditation Commission, Grantham's accreditor.
