A Scottish university has shed a New York branch campus?that was branded a “white elephant” by selling it to a Spanish business school.
Glasgow Caledonian University (GCU) opened the SoHo outpost in 2014 but it struggled to recruit students and was unable to award degrees until 2017. The University and College Union (UCU) claimed in 2022 that the campus had graduated only 100 students at that point, listing it as an example of a “vanity project”?that took funding away from attempts to improve staff pay and reduce casualisation.
Last year GCU said that the campus had “not reached its potential” and it would seek to sell it. By then the outpost had reportedly received ?26.5 million in loans and grants from the university, with condemning the “ignominious end” for the “white elephant”.
On 31 July IE University, a private Madrid-based institution specialising in areas such as business and law, said that it had “replaced” GCU as the “sole member” of the college. It said that the campus would be renamed IE New York College, pending accreditor approval.
While the college will continue to offer postgraduate programmes, including a master’s in business for social impact and sustainability, IE said that a key benefit to the deal would be opportunities for Madrid-based students to spend periods of time studying in New York.
Diego del Alcázar, IE’s chief executive, said that the deal represented “a unique opportunity?that brings with it an injection of energy and also an enormous responsibility”.
“As IENYC, we will benefit from IE University’s global network, collaboration with the United Nations and research for the improvement of the human condition. We are eager to begin this work and expand our impact,” added Jacqueline LeBlanc, vice-president and provost of the GCU campus.
A GCU spokesperson said that the New York campus was “a high-quality, US-accredited institution with degree-awarding powers”.
“A distinguished partner was identified to take the university’s place, and the change of control process has now been successfully undertaken. Following the approval of US regulators and conclusion of associated business matters, control of the college and all related assets and liabilities have been transferred to IE University,” the spokesperson said.
“GCNYC will be renamed IE New York College (IENYC) after due regulator approval and will continue to offer a range of graduate programmes with a strong values base and a focus on business and advancing the sustainability agenda. All current students will be supported to successfully complete their studies.
“We wish IE University and our colleagues, students, alumni and friends at GCNYC every success in the years ahead as they enter a new and exciting period in the life of the college.”
