Delaware State University (DSU) in Dover will acquire its close neighbor Wesley College, which has been seeking a buyer after years of relying on state funds, reports Delaware Online, noting that Wesley’s closure mirrors a nationwide trend of small liberal arts colleges closing their doors due to financial woes.
DSU, which is the state’s only historically Black college, expects to fully absorb the small liberal arts college by June 30, 2021. However, because of financial uncertainties caused by the COVID-19 pandemic, the acquisition agreement stipulates that:
- DSU does not use existing revenue in the university’s budget to support the purchase. Instead, it should secure private or government funding to cover the acquisition.
- The acquisition receive approval from higher education accrediting bodies and the federal Department of Education.
- Wesley’s budget, operating expenses and vendor contracts be coordinated with DSU.
According Delaware Online, the acquisition of Wesley will add 50 acres of land with 20 different academic halls, dorms, sports facilities and administrative offices to its own campus. Potential issues, such as staffing redundancies, will be discussed within the next year.