CHARLOTTESVILLE, Va. (CBS19 NEWS) -- A big gift is supporting the future of business education and athletics at the University of Virginia.

According to a release, alumnus Ramon W. Breeden Jr. has given $50 million, which will be evenly divided between the McIntire Expansion Project and the Virginia Athletics Master Plan.

The McIntire project is also getting another gift of $25 million, bringing the total impact to $75 million.

UVA President Jim Ryan announced the gift on Friday during the Board of Visitors meeting.

“I am deeply grateful for Ray’s far-reaching investment in our athletics facilities and McIntire’s growing presence on Grounds,” Ryan said. “Our student-athletes and commerce students, among others, will have terrific new spaces in which to practice and learn for many years to come.”

The release says this gift, in support the student experience, will provide momentum to the $5 billion Honor the Future campaign as well as underscoring the goals of the 2030 Strategic Plan.

The UVA BOV will now have a chance to approve naming spaces in the Commerce School and the new athletics complex after Breeden.

“UVA is the heart and soul of my education. It was truly the pinnacle of my education,” Breeden said. “The McIntire School prepared me to go toe-to-toe with Ivy League graduates. UVA’s business school didn’t just teach me about business practices, the school also taught me to have the confidence to speak. I learned how to be actionable in business because of my time at McIntire.”

The release says the McIntire Expansion Project is completely reimagining the physical footprint of the Commerce School.

This includes renovations to the interior and exterior spaces and the construction of the new Shumway Hall on the southeast corner of the Lawn.

The complex includes the grounds around McIntire’s current location, the renovated Cobb Hall, various outdoor meeting areas, expanded walkways, and green spaces as well.

Shumway Hall is already under construction and is expected to open in February 2025.

The renovation at Cobb Hall includes the completion of its portico and the installation of the historic building’s new slate roof.

When finished, Cobb Hall will have two new classrooms, a double-height solarium, several group study rooms, more staff offices, and multiple seating areas.

The Virginia Athletics Master Plan includes a Football Operations Center, an Olympic Sports Center, and the Center for Citizen Leaders and Sports Ethics as well as practice fields and renovations of the McCue Center.