This article considers how the private finance initiative, a contract for infrastructure, affected teachers' perceptions of efficacy, job satisfaction, and morale at an urban secondary school in the United Kingdom. Qualitative data collection techniques, including unstructured observation and semistructured personal interviews, were utilized to determine teachers' perceptions. The findings indicate that two facets of the initiative were problematic for educational programming: the private corporation's control over construction design and its subsequent control over facility management. Implications of this research for lease-purchase agreements in the United States are discussed.