Already the namesake donor for Arizonaβs College of Pharmacy after a $50 million commitment in 2021, real estate investor R. Ken Coit has committed to give another $5 million to the schoolβs athletic department.
UA announced Coitβs athletic commitment Wednesday, saying it would name Arizona Stadiumβs Gate 3 and its athletic director position after the UA alum, making DesireΓ© Reed-Francois now formally its R. Ken Coit Director of Athletics.
Arizona is expected to use the funds in its general athletic department budget, which now includes $20.5 million to pay athletes, and Reed-Francois said in a UA statement that Coitβs gift βwill help us continue to invest in the future while honoring the values that make the Tucson community and the University of Arizona so special.β
In Arizonaβs most recent available financial report sent to the NCAA, for the 2023-24 fiscal year, it reported $134 million in revenues, including $25.2 million in donations. UA did not specify the expected schedule of Coitβs donations, so it is unclear how much the athletic department might be impacted in the near future.
Coit said in UAβs statement that naming Gate 3, a major entrance on the northeast side of Arizona Stadium, and the AD position after him was βdeeply meaningful.β He also said he hoped his commitment βstrengthens the foundation of competitive excellenceβ and inspires future UA athletes.
βArizona needs to compete at the highest levels, and I believe we have the right leadership in place that can elevate Arizona Athletics,β Coit said. βTo do that, it will require significant resources, and I am proud to do whatever I can to help ensure our student-athletes, coaches and staff have the support they need to succeed.β
A graduate from UA in 1967 with a degree in pharmacy, Coit practiced pharmacy for three years before turning to investing and financial planning. He earned an MBA from Pepperdine and founded Coit Financial Group, a private real estate investment firm that owns and operates apartment complexes in California, Oregon, Washington and Colorado.
After making a $50 million commitment to UA in 2021, R. Ken Coit called his time as a UA pharmacy undergraduate in the 1960s βprobably the best four years of my career.β
Coitβs UA bio says his investor portfolio is nearly $5 billion, and that he works with high net worth individuals and privately held foundations.
Coitβs $50 million commitment in 2021 allowed UA to establish six new endowed chairs in drug discovery, neurodegenerative diseases and toxicology, along with four endowed professorships. UA said he also committed $5 million in 2024 to expand the work of the Coit Center for Longevity and Neurotherapeutics.
