Nike co-founder Phil Knight is donating USD 400 million to Stanford University to help create the world's largest fully-endowed scholarship.
Stanford today is unveiling the Knight-Hennessy Scholars program, which will grow to USD 750 million with donations from alumni and members of Stanford's Board of Trustees.
The San Jose Mercury News reports that the program will be larger in scope than the Rhodes Scholarships at Oxford.
The ambitious graduate-level scholarship program will be used to tackle global challenges.
The gift from Knight is the largest cash donation from an individual in Stanford history.
The program is the brainchild of outgoing Stanford President John Hennessy, who approached Knight about the idea.