Tulsa World: OSU's athletic village in limbo

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OSU's athletic village in limbo
Officials say there is no timeline for resuming work.

DONOR
Boone Pickens: The oilman's hedge fund, a source of athletic funding, has been doing poorly.

By SHANNON MUCHMORE World Staff Writer
Published: 10/25/2008 2:08 AM
Last Modified: 10/25/2008 2:28 AM

Officials say there is no timeline for resuming work.

WARNER — Oklahoma State University officials say there is no timeline for resuming construction on the campus athletic village, which includes plans for multiple practice facilities and sports fields.

OSU spokesman Gary Shutt denied rumors the project has been permanently shelved.

Construction work was put on hold as a worsening economy began taking its toll on the hedge funds in which OSU invested much of its athletic donations.

Money for the athletic village was to come from a $165 million donation by OSU alumnus and oilman Boone Pickens. That donation, along with several others to OSU athletics, was put into Pickens' hedge fund, which has performed poorly during the recent economic downturn.

News reports have put the loss of Pickens' hedge funds at $1 billion.

OSU Athletic Director Mike Holder previously stated that construction of the athletic village would begin when OSU's portion of the fund went over $400 million.

In another sign of the economy's impact, OSU officials asked for approval for bond projects but are waiting to issue the bonds when the market improves, according to OSU Vice President for Administration and Finance David Bosserman at a Friday Oklahoma A&M Regents meeting.

"People are just antsy about lending money," Bosserman said. "We need to be prepared when that breaks."

After the meeting, Bosserman said he does not see the bond market improving soon but the university needs to be ready.

"I don't see it being in the near future," he said.

Bosserman declined to comment on the fate of the athletic village.

Requests to start work on an irrigation system to supply water from Lake Carl Blackwell were withdrawn before Friday's meeting because the project needs to be scaled down and re-evaluated, Bosserman said.

Regents approved the purchase of 10 vehicles that run on compressed natural gas for OSU's fleet. The vehicles, which are 2009 Chevrolet Impalas, will be converted in Oklahoma. The cost is $160,500.

"You cannot believe how quiet they are and how efficient," Bosserman said.

OSU has been conducting site visits and meeting with energy companies to continue its plan of putting a compressed natural gas fueling station on campus that would be open to the public, Bosserman said.

OSU President Burns Hargis issued a statement backing a move to award posthumous degrees to three OSU students who died in a car accident during Labor Day weekend.

The regents agreed that degrees would be given at the December commencement ceremony for Christopher Bellmer of Katy, Texas; Kelli Mellon of Lawson, Mo.; and Christian Wright of Oklahoma City.

"They were all nearing their much-deserved and hard-earned degrees and this is a proper tribute to them and their families," Hargis stated in the release. "The OSU community was deeply saddened by their tragic deaths."

Shannon Muchmore 581-8378
shannon.muchmore@tulsaworld.com By SHANNON MUCHMORE World Staff Writer

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	Report Comment Bonasera the Undertaker, (10/25/2008 7:18:43 AM) I recall that a number of life insurance policies have been taken out on OSU alums, naming OSU as beneficiary. A pretty inventive way to drum up money, huh? But now that T.B.P. and others have fallen on hard times, I'd be looking over my shoulder if I were one of those alums with a life insurance policy, compliments of OSU. Go Pokes today!!!!!
	Report Comment Lawrence, Tulsa (10/25/2008 8:38:54 AM) This is all T-bone Stinkems fault. He forced them to invest that money in his own fund, which was dumb, dumb, dumb. You don't invest money you need in the near future in risky hedge funds. You use safe, interest bearing investments. T-bone Stinkems is a bum.
	Report Comment my2cents, (10/25/2008 8:59:46 AM) Lawrence, Pickens is a billionaire. You're not. Who's the smart one?
	Report Comment jonette, TULSA (10/25/2008 7:13:20 PM) OSU Athletic village in LIMBO???!!!! WOW, WHO GIVES A CRAP?! OSU Medical Center is in LIMBO also!!!! T.B.P. only puts money in sports, but I find it funny that OSU Medical Center is also in limbo. Makes me wonder what is going on with OSU ??
	Report Comment ddpuckett9, Denton (10/25/2008 8:36:17 PM) Dear Readers: Of all the things that are most important in this article is that the families and friends of the OSU who died during Labor Day weekend need our prayers. I know the upcoming holiday season will tough for them. The sports issues OSU faces will work out in the end. Thank You! Danny from Denton, TX.

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