Latest news with #RagdollFoundation
News.com.au
13 hours ago
- Business
- News.com.au
Perth businessman Ted Powell has made an unprecedented donation of $100m to Murdoch University's veterinary school
Perth businessman Ted Powell has made an unprecedented donation of $100m to Murdoch University's veterinary school. The gift is the largest donation ever received by a West Australian university and one of the largest received by any Australian uni. 'You can't spend $100m when you're 74 years old. It's just not possible,' Mr Powell, who made his fortune founding Offshore Incorporations Limited, said on Thursday. 'I've given almost as much as I can, but you know, I'm not going to go hungry. 'I know my late wife, Dee, an animal lover and a most generous person, would also be immensely proud of this project.' Mr and Mrs Powell, who did not have children, established The Ragdoll Foundation, which has provided financial support to more than 140 Murdoch students who completed their degrees through a scholarship program. The $100m donation will be used to redevelop Murdoch's veterinary school with a 9600 sqm facility that will be large enough to increase the number of vet students who can be trained in WA by 50 per cent. Mr Powell said there were many good causes in the medical and educational fields and encouraged anyone who was financially well-off to consider giving to worthy causes. 'I am absolutely delighted that this gift will support the redevelopment of the Veterinary School,' he said. Vice Chancellor Andrew Deeks said Mr Powell's extraordinary act of generosity would help ensure WA continued its role as a leading hub for animal research, teaching and training. 'Veterinary Medicine was one of 10 foundation courses offered by Murdoch when we opened 50 years ago and a commitment to the environment and conservation are part of the University's DNA,' the vice chancellor said. 'The discipline has advanced significantly over that time, as have the safety requirements for biological laboratories and animal facilities.' The new facility will allow the university to build on its conservation, animal care and welfare programs, as well as provide more cutting edge research. It will also provide better service for the agricultural and scientific community and broader WA community. Professor Deeks said the development would strengthen research in animal health and the University's One Health agenda which recognised the links between human, animal and environmental health. 'On behalf of Murdoch University, I cannot thank Ted Powell enough for his generosity, support and foresight,' he said. 'He will leave a legacy for the Western Australian veterinary profession, animal research – and for animals great and small – which will resonate for generations to come.'
ABC News
17 hours ago
- Business
- ABC News
WA businessman Ted Powell donates $100 million to Perth's Murdoch University and animal hospital
An animal-loving philanthropist has donated $100 million to Western Australia's only veterinary medicine school, the biggest donation ever received by a university in the state. Perth businessman Ted Powell gave the money to Murdoch University, which will enable it to rebuild its veterinary school and increase the number of vet students by almost 50 per cent. Mr Powell, who made his money running a Hong Kong-based firm that specialised in the creation and sale of offshore shelf corporations in low tax jurisdictions, said he was motivated in part by his late wife's passion for cats. He said the pair, who did not have children, wanted to contribute their assets to worthy organisations. "My wife was in particular a great cat lover and ... she'd be immensely proud of what I'm doing in this project," he said. Mr Powell said he did not want anyone else to deal with the burden of deciding what to do with the money if he died. "I'm going to have to ask you to believe me but having too much money is a problem also," he said. "You can't spend $100 million when you're 74. "The motivation was, if I die that means somebody, whose wealth it is not, has to decide what to do with it and that's all wrong. "The passing of my wife was the catalyst in making that decision." Mr Powell has had a long association with the university through his Ragdoll Foundation, which provides scholarships to those unable to afford to study, and said Murdoch was "first in line" when it came to donating. "I can't change the world, I can only do one thing and I've done it and Murdoch is first in the line," he said. Mr Powell said the decision to donate such a significant sum had been nerve-wracking. "Before I made it (the decision) I was scared, and once I'd given the money over, I was relaxed," Mr Powell said. "It was like a weight off my mind, I've done it." Mr Powell ran his business for 19 years before selling and semi-retiring in Perth. After relocating to WA, he became involved in developing the Richardson Hotel in West Perth. He hopes his actions would inspire others who have come into wealth to give back and invest in the community. "I'd like to take this opportunity to encourage anyone who's been able to accumulate wealth to consider responsible ways to give back and I hope that my gift to Murdoch will inspire others," Mr Powell said. "A good education is a gift to last a lifetime." Murdoch University vice chancellor Andrew Decks said he was speechless when Mr Powell told him of his decision. "Well I had to take my jaw off the floor and bring it back up," he said. He said the donation would transform the university. "It's bringing the facilities up to world class standards," he said. The new build is expected to take about five years and will allow the university to boost the number students wanting to train as vets from 105 to 150 per year.
