Pickens gives $63 million to Oklahoma State

Oct 27, 2008 - 8:54 PM STILLWATER, Oklahoma (Ticker) -- Billionaire oil tycoon T. Boone Pickens donated $63 million to Oklahoma State on Monday for the completion of the school's football stadium.

Pickens, an Oklahoma State graduate in 1951, already gave his alma mater $165 million in January 2006, the most lucrative gift ever given to a collegiate athletic program.

"Once again, Boone has stepped up at an important time to support Oklahoma State University," school president Burns Hargis said. "In spite of the unsettled economic situation, OSU has experienced record levels of giving for academic and athletic programs in the past year."

Due to the current economic recession, Pickens' initial donation - managed by his BP Capital hedge fund - took a substantial hit.

The 80-year-old Pickens said the remaining $125 million in the fund would be returned directly to Oklahoma State, giving the school a total of $188 million to complete construction of the west end zone at Boone Pickens Stadium.

"Boone's generosity has helped to transform our football stadium and facilities to a level where we can compete with any program in the country," Cowboys football coach Mike Gundy said. "Thanks to Boone and many others who have stepped up in a big way the past couple of years to support our football program, the future is very promising for us."