MEMPHIS, Tenn. (AP) - The trustees of the only historically black college in Memphis have resigned. The move clears the way for leMoyne-Owen College to receive an anonymous $2.5 million donation.
Board chairman Robert Lipscomb says all but three of the 30 trustees have submitted their resignations just in time to meet today's deadline for covering operating expenses.
Last week, an anonymous donor pledged $1.5 million by the end of the month and an additional $1 million matching grant on the condition that the school's trustees resign. Lipscomb, along with 26 other trustees including city Mayor Willie Herenton, agreed to the terms in order to save the school, which is more than $6 million in debt.
The school has produced a number of black leaders, including Herenton and civil rights pioneer Benjamin Hooks, but over the last decade has faced a revolving door of presidents, mounting debt and dwindling enrollment.