This report describes a British study designed to produce a business model for an e-university, a concept that did not previously exist. Part 1, "Aims and Objectives," describes the background of the effort, the challenge to the United Kingdom, goals, and objectives. Part 2, "The Business Model," describes: the basic concept; markets, courses, and modules; content design, production, and procurement; learner support; coherence and awards; learner choice and advice; technological underpinning; ownership and structure; corporate functions; revenue opportunities and headline costs; initial markets; and development of a distinctive brand to attract and maintain a significant share of the e-learning marketplace. Part 3, "Conclusions and Next Steps," notes that the e-university will consist of a set of facilities, devices, and mechanisms to enable potential consumers to access the best of United Kingdom higher education. It describes the next steps as falling into four phases: consultation, development, implementation, and launch. Appended in a separate document are: examples of e-initiatives in higher education, options for the corporate structure of the e-university, learning products and services, and technology aspects. (SM)