T. Boone Pickens laughs at the recession
Posted: Monday, October 27, 2008 5:02 PM
The economic downturn threw a big wrench into T. Boone Pickens’s grand scheme to revamp Oklahoma State’s athletic faculties. For about 72 hours.
Boone, an Oklahoma billionaire who chairs the hedge fund BP Capital Management, donated $165 million to his alma mater in 2006. But the record gift didn’t go directly to the school – it was reinvested in BP Capital.
Instead of a direct donation, the plan was to have the money grow along with the economy and eventually fund several projects. When it swelled to more than $300 million about 14 months ago, the money still stayed in, though Oklahoma State did secure enough money to start refurbishing its football stadium.
A few days ago, reports circulated that the money was gone. Ouch.
So Pickens, like any good, devoted sports booster, promptly gave more dough. Another $63 million. (And he took the remaining $125 million out of the hedge fund.)
Cowboys football coach Mike Gundy promptly issued this understatement.
“He’s very committed. There’s not very many people that will say, ’I’m going to do this and take care of you,’ and then they’ll back it up,” Oklahoma State football coach Mike Gundy said. “That’s what he does. It’s pretty simple.”
Committed to the program or embarrassed the money went the way of my 401(k)?
