Strayer Education, Inc., on Friday announced  its purchase of the Jack Welch Management Institute, an online business college that is part of the financially struggling  Chancellor University, a for-profit institution in Cleveland. Welch, the former chairman and CEO of General Electric, created the college in 2009 with a $2 million minority stake in Chancellor. He is reportedly buying his share back to transfer the school to Strayer. Michael Clifford, a sometimes controversial  investor in for-profits, launched  Chancellor in 2008 on the platform of the ailing Myers University. Strayer will pay about $7 million for the business college, Reuters reported .