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Impact of losses is uncertain
OSU officials won't talk about hedge fund or if Athletic Village is affected.

 
By BILL HAISTEN World Sports Writer
Published: 9/26/2008  2:09 AM
Last Modified: 9/26/2008  2:53 AM

OSU has major campus projects tied to oil markets that confounded one of the world’s greatest oil investors, T. Boone Pickens. World Sports Editor Mike Strain believes it raises at least two significant questions. Read his blog.
tulsaworld.com/sportsextra

OSU officials won't talk about hedge fund or if Athletic Village is affected.



The status of Oklahoma State's proposed Athletic Village development is uncertain.

University officials will not release updated figures on OSU's T. Boone Pickens-managed fund for facilities construction.

According to the Wall Street Journal, wildly fluctuating oil prices have resulted in a $1 billion setback this year for two Pickens-managed hedge funds. The 2008 crude oil prices have ranged from a low of $84.80 a barrel (Jan. 23) to a high of $146.43 (July 14).

The Thursday price was $108.02, up from $105.73 on Wednesday.

On a daily basis, Cowboy athletic director Mike Holder monitors the condition of the OSU fund. In October 2007, he told the Tulsa World that the fund was worth "around $300 million. We've grown about $100 million in less than two years."

On Thursday, Holder would not discuss the fund's current total or whether the proposed Athletic Village might be jeopardized.

University spokesman Gary Shutt issued a statement: "Boone Pickens has been generous to OSU and we are very grateful. Our university has benefited from his gifts to both athletics and academics.

"Athletics' investment in BP Capital (Pickens' investment company) has experienced a tough third quarter. Even so, work on the (football stadium's) West End Zone project continues without delay and remains on target for completion next summer. We continue to prepare the 80-acre site for the Athletic Village. Construction of the new $50 million Sherman Smith Indoor Athletic Center will begin when the economic climate improves."

The Oklahoma State fund was created after Pickens, a 1951 OSU graduate, donated $165 million to the Cowboy athletic department on Dec. 30, 2005.

Added to the $165 million was a $6 million donation Pickens already had made, along with $31 million that had been held in an OSU Cowboy Golf Inc. fund. When the money was pooled, the OSU fund had a starting point of $202 million.

By the end of December 2006, Holder reported at that time, the fund had grown to about $252 million.

The Athletic Village would include an indoor practice facility (the Sherman Smith Indoor Athletic Center) along with new venues for baseball, tennis, soccer, equestrian and track and field.

For months, Holder has stated that OSU will not proceed with the various Village construction projects until the fund surpasses the $400 million mark "or if our athletic development team can raise significantly more money."

The Athletic Village area is immediately north of Boone Pickens Stadium in Stillwater. Holder said OSU allocated about $25 million for the purchase and removal of all structures within the area (27 owner-occupied homes, 190 single-family rental units, 50 multi-family rental units and three commercial buildings).

The Wall Street Journal reported that Pickens' 2008 personal losses amount to $270 million, and quoted him as saying, "It's my toughest run in 10 years. We missed the turn in the market. There's nothing fun about it."



Bill Haisten 581-8397
bill.haisten@tulsaworld.com
By BILL HAISTEN World Sports Writer

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4 comments have been made for this team so far. Tell us what you think below!
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T Bone, (9/26/2008 10:44:44 AM)

Boone's a smart guy, so I wouldn't bet against him. Believe his assistants should have kept a record of the number of bicycles and motorized two wheelers that have been sold recently. That would, I believe, given him an indication of the shrinking gasoline and diesel market. This is strictly a SWAG.
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Carpe Cerevisi, (9/27/2008 9:41:02 AM)
Between his water rights, which I've heard are his most important assets, and other projects, I don't see a long term problem. Go Pokes
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Carpe Cerevisi, (9/27/2008 9:53:02 AM)
Between his water rights, which I've heard are his most important assets, and other projects, I don't see a long term problem. Go Pokes
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Carpe Cerevisi, (9/27/2008 9:54:11 AM)
Sorry about the double posting. Too much Cerevisi
 

 
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