A deal between Miles College and Birmingham-Southern College (BSC) fell through on Monday.
The financially troubled BSC announced in March that it would close its doors at the end of the spring semester. In September, Miles College and BSC signed a purchase agreement for BSC's 192-acre campus.
A spokesperson for BSC said on Monday, "The purchase agreement between Birmingham-Southern College and Miles College expired at 3 p.m. on Monday, November 25, 2024."
"BSC has been working with Miles – a private, historically black liberal arts college located in Fairfield, Alabama, a suburb of Birmingham – since May to facilitate the sale of BSC's 192-acre campus property. A joint letter of intent was signed on June 19, reflecting BSC's commitment to working with Miles at the exclusion of significant marketing to other potential buyers," the BSC spokesperson said in a statement. A purchase agreement was executed on September 25, with the closing date set for October 25. That closing date was pushed to November 25 at Miles' request. On November 15, Miles requested a second extension to December 24, but that request was declined."
The spokesperson continued, "The BSC community has great respect for Miles College, its students, faculty, staff, and alumni, and appreciates both the shared roots and alignment of missions. But to meet its commitments to lenders and other creditors, the BSC Board of Trustees is obligated to sell the 192-acre campus property as quickly as possible. BSC will have no further comment on the details of the negotiations with Miles or with any other potential buyers."
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