The nonprofit group that led the drive to save Sweet Briar College says it has delivered $5 million to the women's school.

Saving Sweet Briar Inc. says it delivered the first installment Tuesday under a mediated rescue plan to keep the school open during the upcoming academic year.

The $5 million is twice what was required under the settlement and was delivered two days early.

The group of determined former students began to act after Sweet Briar leaders announced in May they would be closing the small liberal arts school because of what they called insurmountable financial challenges.

Saving Sweet Briar says the payment clears the way for new leadership at the school. That is scheduled to occur Thursday with a new board appointing Phillip Stone as president.