You are correct about the 'right to buy' donation not being deductible. I apologize for missing that point.
That does strengthen the case that the amount of the required donation could be added to the cost basis for the tickets since there is no chance of 'double-dipping' by deducting the donation amount.
Before including the full amount of the contribution as part of the cost basis, double-check any documentation you received from the college with regard to the required donation. A portion may be deductible if it was considered to be over and above the value of the benefit you received from making the donation. If that is true, it should be documented in a letter to you from the college.
@Jello1
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