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Feb 26, 2016 11:39 AM EST

The president and CEO of Six Flags Entertainment is donating $2.5 million to his alma mater, Michigan State University, to contribute to renovations of the school's Breslin Center and to establish a business professorship.

John Duffey and his wife Becky, both MSU alumni, announced the gift Friday, The Associated Press reported. $1 million of the donation will go toward establishing a professorship at the Broad College of Business and the other $1.5 million will go toward putting a "basketball hall of history" in the Breslin Center.

"MSU Athletics has meant a lot to our family and we are excited to have the opportunity to support MSU basketball. We also are pleased to support the business college with a named professorship. It is vital in this challenging and competitive environment for alumni to step up and give back to Michigan State University," Duffey said in a statement. "As proud alumni and parents of a current MSU student, we understand that attracting and retaining the best educators is key to attracting and developing the next generation of business leaders."

MSU's Board of Trustees approved a $50 million renovation for the Breslin Center in Oct., and the plans included a new entryway, MLive.com reported at the time. The hall of history will be about 26,000 square feet and will be situated in the southeast corner near the Magic Johnson statue.

"John and Becky Duffey are leaders in providing the means for MSU athletics to continue its pursuit of excellence and in helping the university boost our impact with an endowed faculty position," MSU President Lou Anna K. Simon said in the statement. "Our faculty and facilities are essential assets, and we are grateful to the Duffeys for their generosity, which will help build momentum in athletics and capacity for innovation in the School of Hospitality Business."

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