Nike co-founder and Chairman Philip Knight has pledged $400 million to Stanford University for a new graduate scholarship program aimed at tackling major global challenges.
The gift, announced Wednesday, is one of the largest ever from an individual donor to a university. It also "represents the largest single increase in student financial aid in Stanford's history," according to a statement from the university.
The program, named for Knight and Stanford President John L. Hennessy, "will be analogous to the Rhodes and Schwarzman scholarships," the Stanford Daily reports. It is supported by a $750 million endowment, Stanford says, the majority of which is from Knight's gift.
Stanford says the program, which provides funding for pursuing master's, doctoral or professional study, will admit 100 scholars annually.
"The Knight-Hennessy Scholars Program brings the very best students from around the world to study at Stanford in any discipline they're interested in, and helps prepare them to be world leaders," Hennessy said in the university's release. "It will be the largest graduate scholarship program focused on all disciplines at any university in the world."