The Rhodes Scholarship, one of the world?s most sought-after and snobbish scholarships to Oxford University, is running out of money forcing the trust which runs it to issue an unprecedented appeal to its privileged alumni for help.
This is said to be the first time in its 100-year-old history that the Trust whose beneficiaries include some of the world?s most high-profile leaders, including the former U.S. President, Bill Clinton, is asking ? rather than offering?assistance.
The trust is appealing to the Rhodes ? as its recipients are known ? to donate at least $1million each to bail it out of the crisis caused by the global financial meltdown.
The situation is believed to be so dire that Donald Markwell, the Warden of Rhodes House, is currently on a fund-raising tour of America, according to The Daily Telegraph which quoted him as telling South Africa?s Business Report that so far 15 previous scholars had responded to the appeal.