In a deal announced Saturday evening by Virginia's attorney general, the college's current leaders agreed to relinquish control to a new president and a largely new board. Saving Sweet Briar, an organization of alumnae who have fought the planned closure of the college, has agreed to raise $12.5 million to continue operating the college in the 2015-16 academic year. The first $2.5 million would have to be provided by July 2.
Based on that agreement, the attorney general will end restrictions on $16 million in the college's endowment. The funds from the endowment and from Saving Sweet Briar are believed to be sufficient to operate the college in the coming academic year. All litigation will be dropped.
The deal also states that there will be a severance plan for faculty and staff members, but that they "may be offered employment" after the change in leadership. Most tenured and tenure-track faculty members were told by the current administration that they would lose their jobs at the end of June.
Read more at Inside Higher Ed: https://www.insidehighered.com/news/2015/06/22/deal-will-save-sweet-briar-college