Duke basketball completes its Legacy Fund endowment
Duke basketball’s Legacy Fund is now fully endowed.
The Legacy Fund, which endows scholarships, salaries and the operational budget for the men’s basketball team, no longer has naming opportunities available, said Mike Cragg, a senior associate director of athletics and director of the Legacy Fund. Duke basketball head coach Mike Krzyzewski announced the progress to a private crowd at Cameron Indoor Stadium for the Duke Forward launch gala. The total raised in endowments comes to approximately $25 million for Duke basketball, Cragg said.
Krzyzewski spoke to a crowd that included Trustees, University leadership and distinguished donors Saturday evening after the official announcement of DukeForward, the University’s $3.25 billion capital campaign.
“As a West Point cadet and Army officer, we were taught that whatever you take over, you leave better for the next person,” Krzyzewski said. “Whoever takes over for me, I want to make sure that they have that.”
The Legacy Fund was started in January 2000 with active partners of the fund required to donate a minimum of $1 million. With the most recent donations, the endowment now covers the cost of 13 men’s basketball scholarships, two and a half manager scholarships, the salaries for the head coach, one associate head coach, two assistant head coaches, an internship position and an advising position, Cragg said.
The donations for the head coaching position and the two assistant coaches were the most recent and were made in the last month, Cragg said. The endowment for the head coach position required a $5 million gift and each of the assistant spots required $1.5 million.
The specific donors have yet to be announced because they have not yet decided on names for the gifts. The endowment is still accepting gifts, Cragg added, but there are no longer naming opportunities available.
Former Duke basketball and current NBA player Grant Hill, is currently the chairman of the Fund and has previously donated a $1 million contribution in the name of himself and his wife Tamia Hill.
In his speech, Krzyzewski specifically thanked Stephen and Judy Pagliuca, who gave the final gift to round out the endowment, Cragg said. Their son, Joe Pagliuca, was a walk-on for the men’s basketball team from 2004-2007. Stephen is currently the managing partner of Bain Capital and a co-owner of the Boston Celtics.
“We had a dream in 2000—I had a dream of endowing our program, of raising money just as a basketball program to endow all [player] scholarships, the manager’s position, all the assistants and my position,” Krzyzewski said. “This week we closed that, 12 years later. Steve and Judy Pagliuca were closers. To me that’s a big accomplishment.”