Idaho State Board of Education approves amendment to University of Phoenix purchase agreement

The Idaho State Board of Education unanimously approved an amendment to the asset purchase agreement between the University of Idaho and the University of Phoenix, according to a news release from the Board of Education. 

The original agreement, which expired on May 31, 2024, faced delays due to legislative skepticism, according to the news release. 

The amendment, proposed by UI President C. Scott Green, extends the closing date to June 10, 2025, while allowing Phoenix’s owners to seek other buyers, according to the news release. It includes an immediate $5 million payment to the University of Idaho as an extension fee. If the sale isn't finalized by the new date, an additional $5 million will be paid to the University of Idaho, according to the news release. Should the University of Phoenix be sold to another buyer, the University of Idaho will receive $20 million in total from the University of Phoenix, according to the news release.

The amendment also ensures the University of Phoenix will operate in accordance with HB 708, effective July 1, which establishes certain sideboards for state agencies to adhere to when forming not-for-profit corporations, according to the news release. 

“With this decision, we now have more options,” Idaho State Board of Education member Kurt Liebich said in a news release. “Will a deal happen? That will be up to the legislature at the end of the day. This gives us time to work with legislators and try to come up with a potential solution. I think this optionality has a lot of value for the State of Idaho and our citizens.”