Complex sentence: This was not because he sought power--he had strong democratic ideals and gave individual "colleges" and other project much management sovereignty--but rather because of his money, which was often needed for new ideas, or to cover for financial problems.
Split into simpler sentences: This was not because he sought power, he had strong democratic ideals and gave individual "colleges" and other project much management sovereignty. Rather, his influence came from his money, which was often needed for new ideas, or to cover for financial problems.