The Board of the TTY Foundation has decided to discontinue the preparation of Tampere3 mergerTo resume the preparations, the parties must reach a mutual understanding of the strategic management system of the foundation university. In particular, it is crucial for the Boards of the institutions to commit to the rules of the new foundation as set forth at the founders’ meeting on 2 Nov 2016.
Furthermore, provisions related to the merger of the TTY Foundation must be added to the Charter of Foundation. Other preconditions are that the 50 million euro additional funding required to cover the costs of the transitional period is secured, the new university is capitalised by 200 million euros, the schedule is made more realistic and the project organisation is revised. Without the required additional funding and capitalisation, the quality of teaching and research would deteriorate to a significant degree.
The Board of the TTY Foundation has reviewed the current status of the project and the due diligence reports established on the financial standing and project management of the three higher education institutions. It will not be possible to initiate the operations of the new university in 2018. The existing project organisation must be dissolved. If the provisions laid down are carried through and the project preparations are continued, the project organisation as a whole must be re-established.