News

Oklahoma State projects affected by donor's losses

by Associated Press , October 24, 2008

Categories:

Oklahoma State University officials cheered when oil tycoon T. Boone Pickens gave a record-setting gift of $165 million to his alma mater two years ago for athletic programs and then invested it in his BP Capital hedge fund so that it would grow even more.

But now the fund has dropped so low amid the national economic downturn that university officials won't say how much is left and the fancy athletic village it was supposed to pay for has been put on hold.

Pickens himself has lost "well in excess of $1 billion" as oil and natural gas prices have plummeted, said Jay Rosser, Pickens' spokesman.

In 2007, Oklahoma State athletic director Mike Holder trumpeted growth in the school's athletic facilities construction fund. Pickens' generous contribution, together with other donations and market appreciation, had allowed the fund to mushroom to $288 million.

OSU spokesman Gary Shutt on Wednesday declined to say how much is left.

"Construction on facilities in the athletic village area will begin when the economic climate improves," Shutt said. "Like all investors in these uncertain times, we are exploring all options as we consider our future plans."

Shutt said he couldn't specify what those options are.

Pickens, whose fortune was pegged by Forbes magazine at $3 billion in 2007, had hoped investing his money and contributions from others into BP Capital would provide enough money to cover the costs of the athletic village.

1 | 2
Comments posted here may be reprinted in Diverse: Issues In Higher Education magazine, and may be edited for purposes of clarity and/or space.



Story Tools

Print Print
Text Size Smaller | Larger
Email
Share

Related Stories

Popular Topics


FEATURED jobs
Full Time, Tenure Track Faculty
North Seattle Community College

North Seattle Community College (NSCC) is seeking dynamic and collaborative individuals for Faculty positions in Business, Physics, and Visual Arts. These tenure-track positions will be generalists able to prepare and teach courses in their related field.


Enterprise Application Services Business Analyst
Ithaca College

The department of Enterprise Application Services within Ithaca College's Office of Information Technology Services (ITS) invites applications for a Business Analyst position to collaborate with departments across campus to identify, define and document business requirements as part of Enterprise Application Services (EAS)...


Business and Economics Librarian
Cornell University

Requires: Familiarity with software and tools for information management. Excellent communication, presentation, and interpersonal skills. Must enjoy providing services to a diverse audience. Demonstrated initiative and flexibility, and ability to work independently and collaboratively.


Chief Information Officer
State University of New York

The State University of New York (SUNY), the nation s largest and most comprehensive system of public higher education, seeks a Chief Information Officer (CIO). This position is located in Albany, New York at the System Administration of the State University of New York.


Copyright 2012 © Diverse: Issues In Higher Education, a CMA publication.
Cox, Matthews, and Associates, Inc., 10520 Warwick Ave, Suite B-8, Fairfax, VA 22030