OSU athletics: Pickens hedge funds hit with $1 billion loss
OSU athletics
OSU officials plan to continue with football stadium project

 
By Andrea Cohen | Modified: September 25, 2008 at 7:11 am | Published: September 25, 2008    Comment on this article Leave a comment

STILLWATER — The Wall Street Journal reported Wednesday that billionaire Boone Pickens' hedge funds are down $1 billion for the year.

"It's my toughest run in 10 years,” the Oklahoma State alumnus and athletics mega-booster told the paper.

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Boone Pickens
His hedge funds are down $1 billion.

A hit for Pickens' fund is also a hit for Oklahoma State athletics. OSU is in the process of revolutionizing its athletic facilities, starting with the estimated $180 million renovation of Boone Pickens Stadium — a project that OSU said will continue despite the economic situation.

The facilities improvements are intended to take OSU from some of the worst facilities in the Big 12 to some of the best in the country. All of the planned athletic facility upgrades will be built with money borrowed against money in Pickens' hedge fund, which includes Pickens' 2006 donation of $165 million.

On Wednesday OSU athletic director Mike Holder referred all questions about the fund's effect on OSU to university spokesman Gary Shutt.

"Boone Pickens has been generous to OSU and we are very grateful,” Shutt said in a statement. "Our university has benefited from his gifts to both athletics and academics.

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