OSU Athletics Loses Hundreds Of Millions
Total Pro Sports – After receiving a huge donation for $165 million, from Oil Tycoon T. Boone Pickens to his alma mater two years ago for athletic programs at Oklahoma State. He then invested it into BP Capital hedge fund so that it would hopefully grow in value.
A one point in 2007 Oklahoma State athletic director Mike Holder, reported that the investment had ballooned to a an astounding $300 million. With the recent decrease in the Economy, OSU has put a hold the fancy athletic village they have built and won’t release how much is left to pay for.
“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.”
The fancy new athletic village will include a new indoor practice facility, stadiums for baseball and softball and venues for baseball, tennis, soccer, equestrian, and track and field. Pickens’ hopped that buy investing the donations he had made into BP Capital, would pay for the construction of the new Oklahoma State Athletic Village.
Jay Rosser, T. Boone Pickens spokesman said that Pickens has lost well over $1 billion since the recent decrease in natural gas and oil prices.
Rosser said the company is no different than “any other industry, business or household in America. We’ve been hit hard by the economic downturn.”
Projects are still on schedule and the University will slowly break free from this downturn in the ecomomy.