Posted on 6th November 2008
US billionaire T. Boone Pickens will donate $63m (£38m) to Oklahoma State University (OSU) for the renovation of their football stadium.
The gift will bring Pickens’ total donation for the renovation to $228m (£138m).
The university will receive less than this because of a loss on invested donations following the downturn in the economy. Pickens donated $165m (£100m) in January 2006, which was invested in his BP Capital Energy Fund. The investment is now worth $125m (£76m) and Pickens will return it with the $63m donation (£38m).
Burns Hargis, president of OSU, said, “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.”
The renovations are expected to cost $260m (£158m) in total.
