Lambuth University decides not to sell assets

Lambuth University has announced that it will not sell its assets, but will remain a nonprofit institution under an agreement with new investors.
The private liberal arts school said in a statement Friday that the investors will not be named until a deal is complete.
Lambuth had said a week ago that it was being sold to an investment firm though the sale price and name of the firm were not announced.
The statement said the financial support ``ensures the viability of Lambuth for the future.’’
Lambuth, founded in 1843, is affiliated with the United Methodist Church and has about 650 students. It has been searching for a buyer for a year as it struggled financially, missing faculty and staff payrolls. It is on probation for accreditation.