Banker and philanthropist, John Studzinski has made a commitment of £5 million towards the new development of Tate Modern it was announced today. This is the first major private donation towards the project and the largest individual gift ever made to Tate Modern.
John said: “I am delighted with the Transforming Tate Modern concept and this donation will allow me to fundraise for Tate with even more conviction than in the past. Tate Modern has been an extraordinary success under Nicholas Serota’s vision and leadership and has a great track record. I believe in backing winners.”
Sir Nicholas Serota, Director Tate, said: “John Studzinski was a generous benefactor of Tate Modern in 2000 and has now made a gift which will be the cornerstone of the next phase of the development. It is a magnificent act of faith in a project that will transform the building and provide improved facilities for the next generation of visitors.”
The development of Tate Modern will create a new building on the south side of the existing gallery to provide more space for modern and contemporary art and enable Tate to enrich its programme by exploring new areas of contemporary visual culture. Facilities for young people will be central to the new development and learning and visitor engagement will be at its heart.
The project will create a new landmark for London, helping to maintain its position as the leading cultural and creative capital of the world. Major investment of £7 million by the London Development Agency has already been committed to kick-start the development and help fast track the scheme so that it could be completed in time for the Olympics in 2012.