Gift from former All-Ivy player will be largest ever to Princeton athletics
Investor and 1979 alumnus William C. Powers is making a $10 million
gift to Princeton's football program, which is the largest donation
ever to Princeton athletics. In honor of Powers and his family, the
University will name Princeton Stadium's game field "Powers Field."
Additionally, Powers will give $500,000 to establish two scholarships
to support the University's need-based financial aid program.
Powers' gift to Princeton athletics has already funded a new,
state-of-the-art playing surface for the stadium field and will fund
the renovation of the two practice fields east of Princeton Stadium.
The gift also creates two endowments for the benefit of Princeton
athletics -- the first will support maintenance for all three fields,
and the second will provide significant operating support for the
football program. Powers Field will be dedicated in 2007 at the Nov. 10
home game versus Yale.
"Bill Powers has been an enthusiastic supporter of Princeton and our
athletic programs for many years," said President Shirley M. Tilghman.
"His exceptionally generous gift embraces the facilities and the
programs that our athletes need to compete effectively as well as the
financial aid program that opens Princeton's doors to so many gifted
students."
Powers said, "I hope that this gift will inspire current and future
Princeton athletes to strive for excellence, thus reinforcing the
University's commitment to the student-athlete experience that imparts
the critical values of leadership, teamwork, competition and character,
including managing adversity and failure as well as success. It is my
further hope that this gift will assist Princeton in attracting the
most highly qualified and talented student-athletes, and that these
facilities and resources will enable Princeton's athletes to perform to
the best of their abilities. Finally, I hope this contribution will
inspire among its beneficiaries their own philosophy of giving, and
that it may lead other alumni, parents and friends to consider sharing
their good fortune with Princeton and other outstanding organizations."
Powers achieved many accolades as a defensive back and an All-Ivy
punter at Princeton -- he was the winner of Princeton's Charles W.
Caldwell Memorial Trophy
in 1978, awarded annually to the senior member of the varsity football
team who demonstrates the greatest improvement in football. He ranks
fourth in Princeton football for most punts in a career, none of which
were ever blocked. In addition, Powers' 70-yard punt late in the fourth
quarter thwarted a Harvard comeback in a 20-7 Princeton win in 1977 in
Cambridge that handed the Crimson their first Ivy loss and remains one
of the great Tiger wins in the rivalry. Powers played with his brother,
David N. Powers, a 1978 alumnus, who started at the position of free
safety and as a punt returner for the Tigers.
Powers' gift has allowed Princeton to become the first Ivy League
school to make the switch from grass to the artificial turf known as
FieldTurf. According to Director of Athletics Gary D. Walters, this
surface has significantly enhanced the Department of Athletics' ability
to schedule practices. In addition to its use by the football team, the
new field is also being used daily by programs such as men's and
women's soccer and lacrosse, baseball, sprint football and rugby.
"Bill's gift will not only tangibly benefit the experience of our
football players and many other student-athletes at Princeton, but it
also vividly acknowledges the significant role that football played in
Bill's educational and career development," said Walters.
Powers is a managing director and a senior member of the portfolio
management and investment strategy groups of the Pacific Investment
Management Co. (PIMCO), based in Newport Beach, Calif. Before joining
PIMCO in 1991, he was associated with Salomon Brothers and with Bear
Stearns as senior managing director. In addition to his bachelor's
degree in economics from Princeton, he has an MBA from the Stanford
Graduate School of Business.
Powers has been an active volunteer on behalf of Princeton whose roles
have ranged from service to annual giving to membership on the Advisory
Committee of the Princeton Varsity Club and as a local Alumni Schools
Committee volunteer. He also sponsored the Princeton Band's trip to San
Diego to support the Tigers' victory in their only West Coast
appearance in 2004. He serves on the boards of the Los Angeles
Philharmonic, the Jazz Aspen Snowmass Festival, Sonoma JazzPlus and the
Painted Turtle camp. He also recently served on the board of St. Albans
School in Washington, D.C. Powers lives in Manhattan Beach, Calif.,
with his wife Carolyn and their five children.
