BOONE PICKENS LOSES OSU'S GIFT
When I reported on Picken's book I wondered what happened to his gift that he invested in his fund and it doubled in size. Today I got the following news release that answers my question:
OSU project put on hold by donor's losses.
The AP (10/23, Hines) reports that, two years ago, "oil tycoon T. Boone Pickens gave a record-setting gift of $165 million to his alma mater," Oklahoma State University (OSU), "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." OSU spokesman Gary Shutt said, "Construction on facilities in the athletic village area will begin when the economic climate improves. ... We are exploring all options as we consider our future plans." The athletic village "is expected to include a new indoor practice facility, stadiums for baseball and softball, and venues for baseball, tennis, soccer, equestrian, and track and field." However, work "on the west end zone project of the football stadium, named Boone Pickens Stadium after its benefactor, continues and remains on target for completion in 2009.
When I reported on Picken's book I wondered what happened to his gift that he invested in his fund and it doubled in size. Today I got the following news release that answers my question:
OSU project put on hold by donor's losses.
The AP (10/23, Hines) reports that, two years ago, "oil tycoon T. Boone Pickens gave a record-setting gift of $165 million to his alma mater," Oklahoma State University (OSU), "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." OSU spokesman Gary Shutt said, "Construction on facilities in the athletic village area will begin when the economic climate improves. ... We are exploring all options as we consider our future plans." The athletic village "is expected to include a new indoor practice facility, stadiums for baseball and softball, and venues for baseball, tennis, soccer, equestrian, and track and field." However, work "on the west end zone project of the football stadium, named Boone Pickens Stadium after its benefactor, continues and remains on target for completion in 2009.
posted by Dr. Rodenberger at 7:48 AM
0 Comments:
Post a Comment
<< Home