The future of the former Birmingham-Southern College campus property is now unclear after a purchase agreement between BSC and Miles College expired at 3 p.m. Monday.

But Miles College President Bobbie Knight said in a brief response to the situation: “We are not giving up.”

In a formal statement, the college said, “While we are certainly disappointed by the pause in our efforts to acquire the Birmingham-Southern campus, our commitment to growth and expansion remains steadfast.

“We will continue to explore every avenue to secure this opportunity in the future,” the statement said. “This setback does not deter us; it motivates us to pursue excellence and opportunity with greater determination.”

BSC has been working with Miles since May on the sale of the 192-acre campus property. A joint letter of intent was signed June 19, reflecting BSC’s commitment to working with Miles at the exclusion of significant marketing to other potential buyers.

A purchase agreement was executed Sept. 25, with the closing date set for Oct. 25. Miles requested and Birmingham-Southern granted a delay of that closing date to Nov. 25.

On Nov. 15, Miles – a private, historically Black liberal arts college in the Birmingham suburb of Fairfield – requested a second extension to Dec. 24, but that request was declined.

“The BSC community has great respect for Miles College, its students, faculty, staff and alumni, and appreciates both the shared roots and the alignment of missions,” a release from BSC stated. “But to meet its commitments to lenders and other creditors, the BSC Board of Trustees is obligated to sell the 192-acre campus property as quickly as possible.”

The release concluded by saying that BSC would have no further comment on the details of the negotiations with Miles or with any other potential buyers.

Birmingham-Southern College closed its doors May 31 after a nearly 18-month fight to overcome its financial shortfalls.

The BSC board of trustees met March 26 and decided to close the school after learning that a bill to lend the college $30 million from a state higher education loan fund was unlikely to pass the Legislature this year, according to a statement from the college.

The Legislature passed a law last year creating a revolving loan fund to help colleges and universities in distress. Although the law was passed as a way to bail out BSC, state Treasurer Young Boozer, who was named to manage the program, declined BSC’s application, saying the college did not have enough collateral to secure the loan, an assessment BSC vehemently contested.

A new bill was introduced in the Legislature this year that would have put the Alabama Commission on Higher Education in charge of the fund. The bill passed the Senate in February and was passed by a House of Representatives committee in March.

“Even so, subsequent conversations with House leadership confirmed that the bill did not have enough support to move forward,” the college said in the statement announcing its closing.

Other schools had shown interest in buying BSC before it locked onto the possibility of selling to Miles. Alabama A&M also made a $65 million package offer that was rebuffed in June.

BSC also in August partnered with a real estate and investment banking firm to market the sale of the campus nationally.