The Ohio State University will receive the largest philanthropic gift in its history on Wednesday.
Leslie H. Wexner, his wife, Abigail, and the Limited Brands Foundation will donate $100 million that will primarily benefit the Ohio State University Medical Center, the Arthur G. James Cancer Hospital and Richard J. Solove Research Institute, and Ohio State's Wexner Center for the Arts.
Wexner, a 1959 graduate of Ohio State and chairman of the university's board of trustees, formally announced the donation at 11 a.m. with Ohio State president Gordon Gee.
Gee called the gift a "transformative moment in the history of the university."
VIDEO EXTRA: Leslie Wexner, E. Gordon Gee Announce Donation
"(Les) has done so much for this community, for this university, for us all," Gee said in a statement. "He is a great example of what can be achieved through hard work, determination, and a generous spirit. I am proud to call him my friend."
Les and Abigail Wexner will contribute $65 million from their own funds, while an addition gift of $35 million will come from Limited Brands.
"Ohio State is our most important asset. It touches the entire community, not just students and alumni," Abigail Wexner said. "Everyone is impacted by the university. From the families whose loved ones are being treated at The James, to families like ours who've made football Saturdays a tradition, Ohio State is an ongoing part of all our lives."
According to the university, with Wednesday's gift, the Wexner Family and the Limited Brands Foundation have given or pledged nearly $200 million to Ohio State.
"I've always believed that you have to do good while doing well," Les Wexner said. "It's not enough to succeed in business. You have to give back. Ohio State's Medical Center and The James do critically important work. My hope is this gift can help save lives, and maybe even help to cure cancer. It is certainly within our grasp."
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