From a Walmart heiress to the Cowboys owner: These are the billionaires who donate money to March Madness schools

The 68 hopefuls that started out in the 2025 NCAA Division I men’s basketball tournament (March Madness, if you will) have been whittled down at a rapid rate of knots, with the Sweet 16 regional semifinals getting underway on Thursday, March 27, four days after the conclusion of the second round/round of 32.

Colleges of different shapes and sizes figure in the tournament, with some having been significantly propped up by incredibly wealthy benefactors.

According to a report by Fortune, more than a dozen billionaires have donated to colleges that host elite basketball programs in the United States. Some choose to stay out of the limelight and are relatively unknown, but a number of seriously high-profile individuals have dipped their hands into their deep pockets to give certain colleges a boost.

March Madness' best-known benefactors

Jerry Jones, Dallas Cowboys owner

Things haven’t been going especially well for the Dallas Cowboys of late, but Jerry Jones can console himself with the fact the Arkansas Razorbacks (No. 10) have been one of the revelations of March Madness 2025.

Jones, who has an estimated net worth of over $16 billion, donated $10.65 million in 2015 to Arkansas’ athletic program, which he was once a part of.

And he has been rewarded this year with surprise victories over Kansas (No. 7) and St John’s (No. 2). The Razorbacks will face Texas Tech (No. 3) in the Sweet 16 round and will again be underdogs, although it’s worked out well for them so far.

Larry Ellison, Oracle cofounder

Oracle cofounder Larry Ellison is said to be the world’s fifth richest man, worth $172 billion, and he has pumped some of his fortune into the University of Michigan, reportedly helping the Wolverines fund an NIL package to recruit quarterback Bryce Underwood from Louisiana State University.

Michigan (No. 5) caused a minor upset against Texas A&M (No. 4) to reach the Sweet 16, where they will come up against Auburn, the top seed in the south regional.

Phil Knight, Nike founder

Like Jones, Nike founder Phil Knight, who has an estimated fortune of $33.5 billion, has helped out the university he used to compete for. The 87-year-old was a runner at the University of Oregon and has donated more than $1 billion to his alma mater across various donations over the years.

The Ducks (No. 5) fell to the Arizona Wildcats (No. 4) in the second round on Sunday night (83-87) as both teams battled for a place in the Sweet 16.

Dan Gilbert, Rocket Mortgage cofounder and Cleveland Cavaliers owner

Not satisfied with owning an NBA team, Gilbert has also put money towards the Michigan State University within the NCAA. Worth an estimated $31.3 billion, the 63-year-old donated $15 million to the Spartans in 2016.

The highly-fancied Spartans (No. 2) overwhelmed New Mexico State (No. 10) on Sunday night (71-63) as the Michigan team claimed their place in the Sweet 16.

Nancy Walton Laurie, Walmart heiress

Walton Laurie is the youngest daughter of Bud Walton, whose cofounding of Walmart helped turn the Walton family into the richest in the world, with an estimated fortune of $432 billion.

Nancy’s personal net worth is said to be $12.5 billion, with the $25 million she donated to the University of Missouri in 2001 for a new basketball arena not making much of a dent.

The Tigers (No. 6), however, won’t be enjoying March Madness success this year after suffering a surprise defeat to Drake (No. 11) in the first round.

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