KNOXVILLE, Tenn. (AP) — Former Tennessee Gov. Bill Haslam and his family have made a gift of $40 million to the Haslam College of Business at the University of Tennessee, the school said.

The gift announced Tuesday was made by Bill Haslam and his wife, Crissy; Cleveland Browns owners and Pilot Flying J CEO Jimmy Haslam and Dee Haslam; and Natalie and James A. Haslam.

The school said the gift is to be used to improve the business school's national reputation and mission of developing future leaders, including faculty and graduate student fellowships.

“We believe in the power of education to change the course of individual lives and the future of our communities through innovation, business endeavors and job creation, and most importantly, leadership development,” the Haslam family said in a statement.