After analysing the organisational pathologies and societal ills created by the neoliberalisation of universities, the article engages in an organisational critique of the pseudo-business model currently in use. It poses as a solution the re-creation of universities as trusts, with a model of beneficiary ownership, a matrix form of organisation and renewed relations with society. For inspiration it looks to beneficiary-run organisations on the model of the John Lewis Partnership or the Mondragón University. The article explains why such beneficial matrix organisations are superior to current universities and how they offer an opportunity to recreate universities for the public good.