STILLWATER — The Oklahoma State Board of Regents on Friday approved a resolution that will allow the OSU Foundation to transfer funds to Cowboys Athletics, Inc., that will be used toward the west end zone football stadium project.
Athletic director Mike Holder asked for about $28 million of $40 million available in the OSU Foundation, donations that have been earmarked for athletics.
The $28 million will be added to $277 million OSU has invested in BP Capital, a fund booster Boone Pickens is handling to increase revenue for OSU athletic projects.
Holder said Bank of Oklahoma will loan the university 60 percent of available funds. Friday's transaction will allow Cowboys Athletics, Inc., to obtain a $17 million loan that will go toward ongoing renovation of the west end zone.
The west end zone project, scheduled to be completed in 2009, is projected to cost $180 million. Another $45 million was spent on land acquisition for the proposed indoor practice facility and athletic village.
Reconstruction of Hall of Fame Avenue will cost $2 million. After the football season ends, another $3 million will be spent in December on new football practice fields north of Boone Pickens Stadium.
Holder was asked whether Friday's resolution will speed up the starting date for the athletic indoor facility.
"We don't know,” Holder said. "It all depends on Boone Pickens' ability to grow this fund. We won't build anything else until we have the money to pay for it.”