BIRMINGHAM, Ala. (WIAT) — Birmingham-Southern College will be looking for new potential buyers after the purchase agreement between BSC and Miles College expired Monday afternoon.
A purchase agreement was announced on Sept. 25, with the closing date set for Oct. 25. At Miles College’s request, the closing date was pushed to Nov. 25. BSC stated Miles College requested on Nov. 15 a second extension to Dec. 24, but BSC declined. The purchase agreement expired Monday at 3 p.m., according to BSC. The college closed at the end of May after years of financial trouble.
Here’s the full statement from BSC:
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.
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 BSC community has great respect for Miles College, its students, faculty, staff, and alumni, and appreciates both the shared roots and the 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.Birmingham-Southern College
