The University of Massachusetts Boston will be launching a new Sport Leadership program with the help of a $5 million gift from New Balance and its chairman, Jim Davis, representing the largest gift in UMass Boston history.

The state Board of Higher Education on Tuesday unanimously approved the program that’s designed to create career pathways and bring additional diversity to the management and leadership levels in the sports industry.

“Through this new program, UMass Boston envisions creating pathways for students from all communities to the multi-billion sports industry that looms so large in society and in the imaginations of many young people,” said UMass Boston interim chancellor Barry Mills. “Too often, the message that young people from diverse communities receive is that their opportunities are confined to the playing fields, but we are committed to making sure that management and leadership opportunities in the sports world will be available to them.”

“We are extremely grateful to Jim Davis and New Balance for their generosity and for taking a step that will transform lives and help to transform an industry,” Mills added.

The program, which has already been approved by the UMass Board of Trustees, will be guided by an advisory board that includes Boston sports legends and other major figures from the sports world. The program aligns with UMass Boston’s urban mission and creates a talent pipeline for a growing industry in Massachusetts and across the nation.

The advisory board includes Olympic track star (and UMass Boston honorary degree recipient) Edwin Moses, former New England Patriot Andre Tippett, Boston Celtics legend Tom “Satch” Sanders and Baseball Hall of Fame executive Jeff Idelson, as well as representatives of the Boston Red Sox and Fenway Sports Group, Boston Bruins, Boston Athletic Association, Boston Celtics, City Year, Boston Sports Museum, Bank of America, Citizens Bank, New England Patriots, ESPN and Reggie Lewis Center, among other organizations. In addition to guiding the program, advisory board members will support student retention and success by providing vital mentorship and internship opportunities.

The 39-credit Sport Leadership major is made up of core components that include the foundations of sport, leadership and management, finance and economics, sports marketing and communications, ethics and sports law and innovation and entrepreneurship. Students will be required to take classes in, and encouraged to minor in, business fields such as management, marketing, accounting, analytics and finance.

In addition, students will be required to perform community service, engage in mentorship programs and participate in three internships. The program, available in fall 2018, will take 25 full-time and 10 part-time students in the first year and scale up to a total of 140 students by year four.