ORU to accept $70 million gift; Board to be replaced
ORU to accept $70 million gift; Board to be replaced
Comments 
7
By John Estus
Published: January 14, 2008
TULSA — Oral Roberts University regents voted unanimously today to accept an Oklahoma City family's offer of $70 million, Regents Chairman George Pearsons told students.
Details of the proposal will be released at a 6 p.m. news conference.
Pearsons said he will step down as chairman and will be replaced by Mart Green, whose family owns the Hobby Lobby store chain.
A Green family spokesman said ORU's entire board of regents will be replaced by a board of trustees, composed of some former regents and some new members.
The Greens' offer followed the late November resignation of ORU President Richard Roberts. At the time, the family gave $8 million and pledged to give the remaining $62 million contingent on the school's acceptance of shared governance and other actions.
Richard Roberts said the proposal has his family's blessing and that he was "pleased (that) God has blessed ORU with this gift."
Richard Roberts said he and his father, university founder Oral Roberts, attended the regents meeting today.
Four ORU regents, all televangelists, have quit since Richard Roberts resigned.
ORU is said to be more than $50 million in debt.
Prev
Something to say about this topic? Submit a Letter to the Editor online
Thank you for joining our conversations on newsok. We encourage your discussions but ask that you stay within the bounds of our terms and conditions. Please help us by reporting comments that violate these guidelines. To review our rules of engagement, go to Commenting and posting policy.
Log in below or sign up (it's free).