In March, the Detroit Institute of Arts approached the Big Three automakers requesting $50 million towards its $100 million pledge to the city of Detroit. The automakers, who have a long history of financially supporting the DIA, said they were “seriously considering” donating to the institute’s cause, but wouldn’t elaborate on amounts at the time. Now it has been revealed the companies will donate a combined $26 million, the Detroit Free Press reports.
The DIA is in massive debt with Detroit and recently promised it would pony up $100 million to prevent the city from selling off its art in a bid to grow its pension fund. The institute announced Friday a press conference set for 11 a.m. Monday, in which Michigan Gov. Rick Snyder and the Big Three will announce their contributions to the pledge.
General Motors and Ford will allegedly fork over $10 million each, with Chrysler donating another $6 million. According to a Free Press source close to the situation, even with the Big Three’s money in its hands the DIA will still be short of its $100 million goal. The institute has also approached other organizations and companies for support and may receive a significant donation from the Michigan House Committee.