On Wednesday, Averett University announced that that the bond holders’ vote is now complete and they have received the votes they need to begin the process of closing on the sale/lease-back of the North Campus. The school announced in August they were looking to sell the North Campus and lease it back.

Over 50% of the bond holders had to agree before the sale could be approved.

The North Campus is where Frank R. Campbell Stadium and the E. Stuart James Grant Convocation and Athletic Center are located. The move is the latest by the school in an effort to deal with financial issues.

In April, Averett filed a lawsuit against the school’s former Chief Financial Officer and an investment firm. In the suit, Averett said that former CFO, Donald Aungst, and Global Strategic Investment Solutions conspired to conceal budget deficits. Averett says that almost $20 million was mismanaged.

On August 6, a judge ordered Averett to handle the case through arbitration.

In June the school announced that it was cutting more academic programs that included two majors, two minors and a concentration. Those cuts came after Averett had previously cut numerous programs in November of 2024 and announced staffing cuts in March 2025.

Averett also previously listed the President’s home and Equestrian Center for sale.  Averett is planning to sell the North Campus for $18.15 million.