Pickens makes $63 million OSU gift

T. Boone Pickens and OSU also criticized news coverage, based on unsubstantiated blog and message board reports, that his earlier contributions of $165 million, managed by his BP Capital hedge fund, have been lost due to market losses. Pickens said his fund has not been immune to the global economic downturn and the remaining $125 million in the fund is being returned to the school’s athletic department this week.

With today’s gift, the net value of Pickens’ gifts is now $188 million after the market decline.

“Once again, Boone has stepped up at an important time to support Oklahoma State University. In spite of the unsettled economic situation, OSU has experienced record levels of giving for academic and athletic programs in the past year. We remain most appreciative to Boone for his unwavering generosity to Oklahoma State,” said Burns Hargis, President of OSU.

“With Boone’s support and the continuing involvement of other donors, we are able to continue working toward the completion of our stadium project,” said Mike Holder, OSU VP for Athletics. “It is our number one priority, and we will finish that before moving onto other athletic initiatives, including an indoor practice facility and other aspects of our athletic village.”

“Combined with this $63 million, OSU is continuing forward with improvements to its athletic initiatives,” said Pickens, noting he has been motivated, in part, by the continuing improvements in the school’s football program which lost a close 28-24 game to the number one ranked University of Texas Longhorns on Saturday, but remains a top ten team in national polls. “I’m excited at the performance of our coaches and players, both on and off the field.”

“Boone’s generosity has helped to transform our football stadium and facilities to a level where we can compete with any program in the country,” said OSU head football coach Mike Gundy. “Thanks to Boone and many others who have stepped up in a big way the past couple of years to support our football program the future is very promising for us.”

“We are pleased progress will continue on the west end zone project and we are grateful to Boone for helping to make it possible,” said Doug Burns, chairman of OSU’s Board of Regents. “With supporters like Boone and many others who have generously given the past year, Oklahoma State is well positioned to move ahead academically and athletically. The Regents completely support plans to complete the west end zone project and begin the athletic village projects when the economic climate improves.”

Reported by Oklahoma State University