The governing body of Oriel College, which owns the statue, has ruled out its removal after being warned that £1.5m worth of donations have already been cancelled, and that it faces dire financial consequences if it bows to the Rhodes Must Fall student campaign.
A leaked copy of a report prepared for the governors and seen by this newspaper discloses that wealthy alumni angered by the “shame and embarrassment” brought on the 690-year-old college by its own actions have now written it out of their wills.
The college now fears a proposed £100m gift – to be left in the will of one donor – is now in jeopardy following the row.
The donors were astonished by a proposal to remove a plaque marking where Rhodes lived, and to launch a six-month consultation over whether the statue of the college’s biggest benefactor should be taken down.
But Oriel College confirmed in a statement to the Telegraph: “Following careful consideration, the College’s governing body has decided that the statue should remain in place.”