Ukraine-born billionaire makes major donation to V&A

Ukraine-born American billionaire Leonard (Len) Blavatnik has donated millions to the Victoria and Albert Museum (V&A) in London’s Kensington.

The exact sum donated by Mr Blavatnik, who resides in London and has been named the UK’s richest man, has not been released, but it is believed to be around £5 million (approx. US$7.2 million). The money brings the museum to 95% of fundraising for its £49.5 million (approx. US$72 million) project, which is set to include a new entrance on Exhibition Road and a large temporary exhibition gallery. As a result of the contribution, the V&A’s new Exhibition Road entrance will be named after Mr Blavatnik.

This development is expected to draw criticism, after Oxford University’s acceptance of £75 million (approx. US$108 million) last year to build the Blavatnik School of Government sparked controversy.

In recent year’s Mr Blavatnik has been a major donor to such cultural institutions as the Tate, the National Portrait Gallery and the Royal Academy of Arts.

Source: The Guardian