FAYETTEVILLE, Ark. – The University of Arkansas has withdrawn its offer to the Fayetteville Board of Education to purchase the adjacent 40-acre property containing the buildings and grounds of Fayetteville High School.

The university had complied with a July 1 deadline for submitting its formal offer of $50 million to the school board, but no action has been taken on that offer in the ensuing weeks. Verbal indication has been made to the university from school board representatives that no action is likely to be taken on the offer for several more months.

Given these circumstances, the university has taken this time to re-evaluate the strategic value in devoting such significant resources toward this property, and concluded its resources may be better invested in its existing physical plant.

“We have always maintained that the purchase is a long-term investment decision, the fruits of which would not be fully realized for 25 to 50 years,” said University of Arkansas Chancellor G. David Gearhart in a letter to Steve Percival, president of the Fayetteville Board of Education. “We have reached a point in this process at which we need to turn our attention toward exploring other strategic initiatives and facilities upgrades. To ignore these other priorities while in a long-term holding pattern over the high school offer would be fiscally irresponsible and compromise our ability to move the institution forward in the best interests of our students, our faculty, our staff, and our alumni.”

Gearhart acknowledged in the letter that while the university wishes to remain a good neighbor and would consider acceptable terms of purchase for the property at a later point, the university is proceeding as though the purchase of the high school property is not in its future plans.