Update: Alumni Deal to Buy Ohio College Nears Completion

A group of Antioch College alumni have raised nearly $6.2-million to buy the Yellow Springs, Ohio, school and are expected to close the deal by the end of this week, reports the Los Angeles Times.

The group has collected an additional $10-million toward restarting classes in 2011. The 157-year-old college, which closed last year after decades of shrinking enrollment and mounting financial woes, will retain its name but will no longer be part of the Antioch University system, which also includes campuses in California, New Mexico, and Washington State.

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