STAFF at Basildon Academies have paid tribute to its founding sponsor, who has died at the age of 57.

The school, in Wickford Avenue, Basildon, announced the death of Martin Finegold on Tuesday.

The American businessman helped fund the academy trust when the former Chalvedon and Barstable Schools merged in 2009.

Basildon Academies chief executive, Les Livermore, said Mr Finegold would be sorely missed by the school community.

He said: “It is with deep regret the Basildon Academies announce the death of our founding sponsor and chairman of the Stanton Lane Educational Trust, Martin Finegold.

“Marty has made a vast contribution to Basildon Academies, providing the inspiration and guidance to the academy in its formative years.

“He had been a firm believer that the Academies’ success would be built around its staff and pupils and a shared vision and values – an ethos we will continue to honour.

“Marty has been an active member of the local governing body and is well known to staff and students alike.

“He will be greatly missed by his friends and colleagues here.

“Most important of all to Marty was his family and we extend our deepest sympathies to his wife, Florence, and three children.”

Mr Finegold wasaformer Goldman Sachs banker and director of Commercial First Group, a financial services provider based in Brentwood.

He made his fortune setting up Kensington Group, a specialist mortgage provider, and a Times report into the wealthiest people in the City of London estimated him to be worth about £78million in 2008.

Mr Finegold decided to back Basildon Academies due to his business ties with Essex, but his role as sponsor was at times controversial.

In 2012, principal Rory Fox quit the school and criticised Mr Finegold’s lack of experience in the education sector.

Dr Fox also hit out at the “lack of support” provided by the sponsor.