Arizona athletics pulls in $4.5 million gift from alumnus' estate

Without offering specifics, UA said the gift would endow a scholarship to “provide broad-based support for Arizona student-athletes” and reflect Muscenti’s belief in the value of higher education and athletics.

A native of Cleveland who was raised in Phoenix, Muscenti graduated from the UA’s College of Business Administration in 1958. UA said he coached youth football, basketball and softball teams to help finance his education, then went on to become a Phoenix banker who had long supported UA athletics.

“He also gave back through leadership and service with civic and alumni organizations, reflecting his deep commitment to the University of Arizona and the Tucson community,” UA said.

Muscenti’s donation, and the commitment of Coit, will offer UA’s athletic department some financial relief in a challenging environment.

In Arizona’s most recent available financial report sent to the NCAA, for the 2023-24 fiscal year, it reported $134.5 million in revenues, including $25.2 million in donations, against $154.9 million in revenue.

That represents a shortfall of over $20 million, while in 2025-26, the first year schools have been allowed to directly pay athletes, UA has also committed to paying $20.5 million to its athletes. However, Arizona athletic director Desirée Reed-Francois has said the UA’s athletic budget would be balanced by the end of the 2026 fiscal year, even with revenue-sharing payments to athletes.

“Paul’s generosity will ensure that generations of student-athletes have the opportunity to thrive academically and athletically at the University of Arizona,” Reed-Francois said in a statement. “We are grateful for his lifelong devotion to the Wildcats and proud to honor his legacy through this endowed scholarship.”