Saint Augustine's University enters partnership with sports development firm

• Neither the school nor Miami-based 50 Plus 1 Sports responded to a request for comment. Though, Saint Augustine's said it will hold a press conference on the partnership in December.

Driving the news: Saint Augustine's revealed the partnership on Tuesday, saying it could generate up to $70 million in revenue for the school.

Zoom in: 50 Plus 1 Sports says on its website it was founded on a commitment for its projects to include at least 50% participation from minority- and women-owned businesses.

• The company has a limited track record, though it did submit a bid to redevelop Tropicana Field in St. Petersburg, Florida, according to the Tampa Bay Times.
• The company didn't win that bid, the Times reported, with city staff noting that it had little experience developing mixed-use districts.

Catch up quick: Saint Augustine's, founded in 1867, has faced steep financial shortfalls, enrollment declines and accreditation issues in recent years, including instances when it couldn't pay its faculty and was forced to switch to online-only instruction.

• It recently cut half of campus jobs as part of effort to reduce expenses.
• It's also taken on a $7 million loan from Gothic Ventures to stay open — though alumni have protested the loan's 24% interest rate and use of the school's property to secure it.