The neoliberal reframing of universities as economic engines and the growing emphasis on "third stream" commercial activities are global phenomena albeit with significant local variations. This article uses the concept of "ownership" to examine how these processes are impacting on institutional self-understandings and academic-management relations. Drawing on ethnographic research from New Zealand, including recent disputes between academics and management, we ask, "who "owns" the modern university"? In conclusion, we show how debates over ownership provide a lens for examining wider tensions around institutional autonomy and academic freedom. (Contains 2 notes.)