Union and Union College are working on a buyout that will see Napa College get $1 million from the NHL and the Union, the Union said Thursday.
The deal was reached in recent days, Union spokesman Ryan Brown said.
Napa will receive $750,000 for the last two years of a 10-year deal, the first of the two.
Napo will be eligible to make a $2 million buy out payment on Oct. 31.
Napus College, the school of the former U.S. Women’s National Team players, will get $450,000 and the College of New Jersey will receive a $150,000 buyout payment on Jan. 1.
Napas two other schools, the Pacific University and the Pacific School of Nursing, will receive an undisclosed amount from the league.
Union and its board of trustees approved the deal, which also calls for Napa to get $300,000 of the $1 billion sale price, according to a release.
Union is owned by billionaire Peter Lynch, who recently announced plans to purchase the Philadelphia 76ers.
The Sixers, in a statement, said, “We appreciate the support and leadership that has been shown by the Union community over the last several years and look forward to an exciting new era of growth in the Philadelphia area.”
Union and the two other college presidents, George A. Gershon III and Mark G. Pacholczyk, will remain on the board of directors.
Union president Eric A. Schoenfeld and Gershon III are the trustees.