College Control to Go to Rev. Moon Group
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BRIDGEPORT, Conn. — The University of Bridgeport’s trustees agreed Saturday to turn over control of their financially ailing school to a group connected to the Rev. Sun Myung Moon in exchange for $50 million.
Under terms of the deal, the Professors World Peace Academy would take over the board of trustees.
The New York-based academy receives 90% of its funding from the Unification Church, although it said fewer than 5% of its members belong to the church.
Trustees, who had tentatively approved the deal April 15, said it was the only way to keep the university open.
“I believe that this is the right course of action,” said trustee Chairman Colin Gunn. “This will be a much better university than it ever was. They want to make this university a first-class institution.”
Gunn said the academy has promised that the university would maintain its academic freedom.
The deal still needs the approval of the state attorney general, the Connecticut Commission on Higher Education, a regional accreditation agency and banks that have loaned the school money.
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