Another in a long line of responses to an ongoing cash crunch, Averett University wants to sell — then lease back — its E. Stuart James North Campus, but first it must get the blessing of bondholders.

The transaction would raise about $18.15 million in payments spread over three years.

The facility located off Mount Cross Road in the northern part of Danville contains football and other sporting fields, a training area and a basketball gym that doubles as an event space, such as high school graduations.

A tight financial situation surfaced in March 2024 when the university's board of directors learned nearly all of its endowment had been used to cover operating expenses.

Averett is suing an investment firm and its former chief financial officer, claiming the board wasn't aware of the e

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