The Earle Mack School of Law is no more.

The naming rights for the law school at Drexel University are available again, only five years after the school was named for an alumnus who had donated $15 million to the school.

Mack, a businessman and former ambassador to Finland, graduated from Drexel in 1959.

In a statement issued Monday, the university said the decision was mutual, "that Ambassador Earle Mack has graciously stepped aside as naming benefactor of Drexel's law school."

For the time being, it will be called Drexel University School of Law. The school's website already reflects the name change.

In 2008, the university honored Mack at a ceremony attended by then-Gov. Ed Rendell and former New York Gov. George Pataki for his $15 million gift to the fledgling law school. It was to be matched by $15 million from the university and other donors.

Since then, the university said, the school has suffered from the global financial crisis and a related decline in the number of applicants to law schools.

"The Earle I. Mack Foundation and Drexel jointly concluded that this will require an economic foundation beyond what was established by his gift and the university's matching funds," the university said.

Mack could not be reached for comment.

University official declined to comment beyond the statement.

Drexel announced Friday that it had completed a $400 million fund-raising campaign ahead of its scheduled June 2014 conclusion. The university said it had exceeded its goal by $55 million.