$26 million gift from Ned and Carol Spieker secures future of university’s aquatics programs
UC Berkeley’s men’s swimming & diving and men’s water polo programs have received a historic boost, thanks to a transformational $26 million endowment from longtime university champions Ned and Carol Spieker.
This is the largest single donation in Cal Athletics history, providing a lifeline for two of the university’s most successful varsity sports at a time of mounting financial pressure in collegiate athletics.
“I saw the endowment which I had contributed to before was not enough to sustain the program,” Ned Spieker explained.
“I felt that if the program wasn’t going to be sustained, it could be in jeopardy from a qualitative aspect. We were in good shape facility-wise, but we needed to meet the endowment challenge to keep the coaching and athlete benefits intact.”
Ned Spieker is a 1966 Cal alumnus and former water polo player for the Golden Bears, having played under legendary coach Pete Cutino.
His deep ties to the university are both personal and generational: Ned and Carol met at Berkeley, all four of their children are Cal graduates, and the Spieker family name already graces the Spieker Aquatics Complex, home to Cal’s aquatic sports.
Beyond athletics, the Spiekers have left a lasting mark on UC Berkeley. In 2022, they donated $30 million to the Haas School of Business, enabling the creation of the Spieker Undergraduate Business Program, which expanded the school’s business curriculum from two to four years and established the Spieker Scholars Program.
Ned Spieker’s business acumen is well known—he founded Spieker Properties, which became one of the largest commercial property companies in the U.S. before its $4.65 billion sale in 2001.
Both Ned and Carol are deeply involved in civic and philanthropic work, serving on boards such as the UC Berkeley Foundation and supporting educational and community organizations throughout California.
The Spiekers’ gift ensures the permanent endowment of men’s swimming & diving and men’s water polo, making them the fourth and fifth fully endowed varsity sports at Cal, alongside rugby, women’s golf, and men’s golf. In recognition of their generosity, the head coaching positions for both sports will bear the title “Ned Spieker Men’s Head Coach” for the next 20 years.
This endowment is particularly vital as non-revenue sports face increasing risks due to changes in NCAA financial models and the growing prioritization of revenue-generating sports like football and basketball.
Recent NCAA policy changes now allow schools to pay athletes directly, putting further strain on athletic department budgets and threatening the survival of Olympic sports without dedicated endowments.
Cal Athletics has faced significant financial challenges, reporting a $29.74 million deficit in the 2023-2024 fiscal year—more than triple the previous year’s shortfall.
The university’s move from the Pac-12 to the ACC underscores the shifting landscape of college sports finances.
Against this backdrop, the Spiekers’ endowment provides critical stability and security for the men’s aquatics programs, both of which have enjoyed national success: men’s water polo claimed three consecutive national titles from 2021 to 2023, and men’s swimming & diving has finished in the top two nationally for 15 straight seasons.
Chancellor Rich Lyons praised the gift as “transformational,” highlighting its role in providing the long-term stability necessary for sustaining athletic excellence at Cal.
The Spiekers’ ongoing commitment to UC Berkeley stands as a model of alumni engagement and philanthropy, ensuring that generations of Golden Bears will continue to benefit from world-class athletic and academic opportunities.