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Wharton received a gift from its alumni to support research in a less traditional field of business.

Julie and Kenneth Moelis, both Wharton alumni, donated $5 million to the Wharton Sports Business Initiative, a program that aims to conduct research on sports business and provide education on the sports industry. The Initiative also hosts speaker events and provides networking opportunities for students.

Director of WSBI Kenneth Shropshire said the gift will assist the program in numerous ways, including providing funding for research and helping to bring in speakers.

WSBI also aims to give students an opportunity to be exposed to sports in a business context.

It's one avenue to encourage students to "think out of the box," Shropshire added.

"It is a testament not only to a proud tradition of alumni leadership at Wharton, but also to the importance of supporting emerging research in such areas as sports business," Wharton dean Thomas Robertson said in a press release.

"It's great that the Moelis' are really being forward thinking," Shropshire said.

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