In 1905, the University of Pennsylvania’s Weightman Hall Gymnasium made history as the site of the first-ever collegiate wrestling tournament. Now, more than a century later, that same facility is poised to become the heart of Penn’s wrestling program thanks to a multimillion-dollar renovation kickstarted by Dave Pottruck, a Penn alumnus and the former CEO of financial services company Charles Schwab.
Pottruck has donated $20 million to upgrade the 120-year-old gymnasium with an 8,900-square-foot wrestling room, a 2,400-square-foot team complex, modernized locker rooms and state-of-the-art training facilities. Construction is expected to begin in October, with Penn’s wrestling team slated to move into the revamped facility by spring 2028.
“The fact that it will be in the exact location of the very first collegiate wrestling tournament is profound,” said Pottruck, who graduated from Penn’s undergraduate program in 1970 and received an MBA from its Wharton School in 1972, in a statement. The renovated gym will be named the Pottruck-Reina Wrestling Center, honoring both his contribution and longtime Penn wrestling head coach Roger Reina.
Pottruck’s gift will trigger a broader fundraising campaign to raise $34 million for Penn wrestling. In addition to covering the estimated $25 million cost of the renovation, the university plans to grow its wrestling endowment by $9 million. “It’s pretty transformational for the program, to be honest,” Matt Valenti, Penn’s head wrestling coach, told Observer. Beyond more than doubling the space dedicated to wrestling, a strong endowment will ensure that Penn wrestling is funded “in perpetuity,” he said.
A former wrestling champion turned major donor
A former wrestler himself while attending Penn, Pottruck won gold at the 1973 Maccabiah Games and served as the honorary captain of the 2000 U.S.A. Olympic Freestyle Wrestling Team. He also found success off the mat: after early roles at Citibank and Shearson American Express, he joined Charles Schwab in the 1980s and quickly rose through the ranks, eventually serving as co-CEO for five years and sole CEO from 2002 to 2004.
This latest donation continues a long history of philanthropy toward Penn Athletics. In 1999, Pottruck gave $10 million to help build a health and fitness center on campus. Another $6.3 million gift in 2021 supported student-athlete initiatives. Over the years, his contributions have benefited both athletic and academic programs.
His most recent gift comes at a turbulent time for college sports. With universities facing increased financial pressure—including federal funding cuts and antitrust settlements—the landscape of collegiate athletics is shifting. “The world of college athletics and the landscape of the NCAA is a little bit crazy, and there’s a lot going on, a lot of moving parts,” said Valenti.
Still, the coach sees Pottruck’s support as a strong vote of confidence in the program’s future. “It’s a pretty firm statement that Penn wrestling really isn’t going anywhere,” added Valenti. “If anything, we’re building even more towards the future and making sure this program is around for a really long time.”
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