Monday Oct. 27, 2008
STILLWATER, Okla. (AP) -- Billionaire booster T. Boone Pickens will give another $63 million to Oklahoma State to finish athletic projects that were supposed to be paid for with a previous $165 million donation that took a hit during the economic downturn.
Pickens announced the gift Monday and also said he would be returning the $125 million remaining in the athletic department's fund to the university.
Pickens' $165 million donation in January 2006 was the largest gift ever given to a college athletic program. He intended to grow it through his investments so it would pay for about $420 million in renovations and new construction on the campus.
That plan was going smoothly until Pickens' BP Capital energy fund encountered major financial trouble in recent months. The university said last week considerable funds remained.
(Copyright 2008 by The Associated Press. All Rights Reserved.)