He is Saint Louis University’s number one fan; after all, he has his name on SLU’s on-campus arena.
Dr. Richard Chaifetz, Chairman and CEO of Compsych Corporation, has a unique perspective on SLU’s basketball program. In February 2007, Chaifetz made a $12 million dollar donation naming gift to the arena and a one year later the Billikens men’s and women’s basketball teams began to play at the newly-constructed arena.
“It was one of the best decisions I ever made, I’m grateful to the students, the community, and all of the people that get to use the arena,” Chaifetz said.
Chaifetz’s decision to make the donation goes back to a promise he made to the University’s then President Fr. Paul Reinert S.J. when Chaifetz was a freshman. Chaifetz’s parents were recently divorced and decided not to pay for his tuition. Chaifetz then decided to go see Reinert and promised the president that he would pay for his own tuition. Chaifetz said that he explained to Reinert that he had a strong belief about being successful. Reinert agreed to let him stay at the University.
“After that promise I made to Father Reinert, that no matter what, I would find a way to repay the University for letting me stay and get my degree,” Chaifetz said.
In 1984, with $10,000, he started Compsych Corporation and today Compsych has turned into the world’s largest provider of employee assistance programs.
In 2006, President Fr. Lawrence Biondi S.J. and the head of fundraising approached Chaifetz about donating to the University. After looking at various projects, Biondi told Chaifetz about the idea for a new on-campus arena that was being built and Chaifetz saw his opportunity to repay the university.
“Sports were a very important part of my experience at Saint Louis University, all of the sporting events were free when I was a student and they were a source of entertainment for me and I thought this would be the best way to give back to the student and the university,” Chaifetz said.
A year later, the University hired Head Coach Rick Majerus to take over the men’s basketball program. Chaifetz describes his relationship with Coach Majerus as “very strong.”
“I have a great respect for Coach Majerus. He is a great human being and cares more for the welfare of his players than any coach I have seen. Rick always makes sure that academics come first,” Chaifetz said.
Five years later, his investment has paid off as the men’s basketball reached the NCAA tournament for the first time since 2000, and recruiting of both student-athletes and other students has increased.
“A school reputation in athletics can increase its reputation academically and get more athletes and students to look at the school,” Chaifetz said.
Chaifetz said the his investment in the arena was in no way based on getting the men’s team back into the NCAA tournament, but based on the promise he made to Reinert when he was a student at Saint Louis.
“When I made my promise to Father Reinert, I never thought that I would have my name on an arena, but I know it is an investment I would be happy about the rest of my life,” Chaifetz said.
The Chaifetz Arena not only fulfills Dr. Chaifetz’s promise to Reinert, but happily has been a welcome example of Chaifetz’s business and personal success.
