Southern Methodist University has received a $2.5 million gift from alumnus David B. Miller and his wife, Carolyn, to be divided between the business school and the athletics department, the Dallas Morning News reports.

The couple, who live in Dallas, designated $1 million of their gift for the construction of a new basketball facility; $500,000 to enhance the men's basketball program; and $1 million to establish the David B. Miller Endowed Professorship in Business at SMU's Edwin L. Cox School of Business.

A co-founder and partner in EnCap Investments LP, David Miller earned a degree in finance and an MBA at SMU and played varsity basketball there. "The [flexible] terms of the Millers' gift will allow us to assign an endowed professorship to the academic area in which it can have the greatest impact," said Cox School Dean Albert W. Niemi, Jr.