AUSTIN, Texas — University of Texas Athletics received a large endowment on Tuesday.
The university announced it will receive $10 million for its athletics director position.
The Lois and Richard Folger Athletics Director Endowment will provide flexible funding to the athletics director. It will be used to launch new initiatives and enhance UT sports programs.
“Lois and Richard Folger understand the importance of the Texas Longhorns’ winning tradition and our ability to compete at the highest levels,” said Kevin Eltife, chairman of the UT System Board of Regents. “The Folgers’ generous endowment positions the Longhorns to build on that winning history when Texas enters the SEC next year and will have an immediate and positive impact on our athletics programs, our student-athletes and the rest of the University.”
This is the largest endowment to a named athletics director in the country.
“The legacy of excellence of Texas Athletics has inspired many of us, including Lois and Richard Folger. They know the role that athletics plays in elevating the entire University by contributing to the vibrancy of campus, connecting Longhorn Nation, and providing incredible opportunities for student-athletes,” said President Jay Hartzell. “We are extremely grateful for the Folgers’ longstanding generosity to the University and excited to see how Chris Del Conte will utilize these resources strategically to improve the support of our student-athletes, generate more passion for our University across the student body, position our former student-athletes for post-UT success, and provide a laboratory for our students and faculty with interests in sports.”