$75 million naming gift from Lee & Penny Anderson to university surpasses $131 million goal for new division I Arena
The University of St. Thomas has officially exceeded its $131 million fundraising goal for the new Lee & Penny Anderson Arena, marking the largest single fundraising campaign for a facility project in the university’s history.
The campaign commenced with a transformative $75 million donation from philanthropists Lee and Penny Anderson.
This gift is among the ten largest known contributions to collegiate athletics nationwide and stands as the most substantial monetary donation ever made to a Minnesota university.
Following the Andersons’ landmark contribution, the university raised an additional $56 million through 35 individual gifts.
Notably, 13 of these gifts were $1 million or more, with six exceeding $5 million. Significant contributions came from the Ryan and Iversen families, who donated $20 million and $10 million respectively.
The Lee & Penny Anderson Arena, set to open in October 2025, will serve as the home for the Tommies’ men’s and women’s basketball and hockey teams. Designed with versatility in mind, the arena will also host major campus events, including commencement ceremonies and concerts.
The facility will feature seating capacities of approximately 5,000 for basketball and 4,000 for hockey.
Lee R. Anderson Sr., a Minneapolis native and graduate of the United States Military Academy at West Point, is the former owner and chairman of APi Group Inc., a conglomerate of construction and fire-protection firms.
Beyond their contributions to St. Thomas, the Andersons have supported various causes, including children’s health and veterans’ welfare.
Season tickets for the inaugural basketball and hockey seasons at the Lee & Penny Anderson Arena will go on sale to the general public on April 21, 2025, through the university’s official athletics website.
This successful fundraising campaign underscores the strong community support for St. Thomas’s transition to Division I athletics and reflects a shared commitment to enhancing the student-athlete experience.