The Bally's Foundation is purchasing Preston High School for $8.5 million, preventing the pending closure of the school. As part of the deal, Bally’s will lease the building back to the school for $1 per year for 25 years. The foundation says it is also going to invest in upgrades at the school.

The Office of the Attorney General helped broker the deal.

“Preston High School is a pillar of the Bronx community that has educated generations of young women and today I am proud to announce that the school will stay open for years to come,” said Attorney General Letitia James in a statement. “I want to thank all the students, teachers, parents, alumni, and elected officials who submitted testimony to my office and advocated to keep the school open."

Principal Jennifer Connolly said in February that the school’s board of trustees informed the school of their decision to close at the end of the 2024-2025 school year.

The Preston High School Board of Trustees then released a statement saying the decision “was not made lightly.”

“The decision to close Preston High School may feel sudden, but it has been an ongoing discussion with the administration for many years. Preston High School administration was made aware of the need to become independent in 2019 and they and the Board of Trustees began considering their options for the future of the school at that time.”

The Board of Trustees for Preston blamed financial struggles and declining enrollment for the decision to close.

News 12 reported earlier this month that an identical deal was on the table from the Bally’s Foundation, but it was declined by the Sisters of the Divine Compassion. Connolly said they were not provided a reason as to why it was declined.