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    Economy slowing down OSU's building boom

    NewsOK Mobile
    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. 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.
    Down a billion for the year??
    Last month Holder said OSU would push back its target date to start building its new practice facility. When asked why, Holder responded: “Have you seen the price of oil?”
    “Nothing has changed,” Holder said at the time. “It’s always been in the hands of Boone Pickens. When he grows the fund to a level where we feel comfortable starting a new project, we'll start on the indoor practice facility.”
    The state-of-the-art practice facility is the next project on the list, which includes new facilities for almost all of OSU’s athletic teams.
    “Construction of the new $50 million dollar Sherman Smith Indoor Athletic Center will begin when the economic climate improves,” Shutt said.



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    Re: Economy slowing down OSU's building boom

    Why don't they just select Boone Pickens as their athletic director if he gets to decide when these things are built?



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    Re: Economy slowing down OSU's building boom

    Maybe Boone Pickens wants his money back to fund research on alternative energy.


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    Re: Economy slowing down OSU's building boom

    Quote Originally Posted by Rogue52 View Post
    Why don't they just select Boone Pickens as their athletic director if he gets to decide when these things are built?
    "Pickens' generosity didn't end with the $165 million. That, along with $6 million he'd donated earlier last December and the $31 million from the golf foundation, immediately was invested in his successful hedge fund, BP Capital Management, and Pickens waived all fees (2% of the original amount plus 20% of the profits)."

    Since a lot of money is tied up in Pickens' hedge fund, I'd say the current market is dictating when the money will be spent, not Pickens himself.



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    Re: Economy slowing down OSU's building boom

    Quote Originally Posted by CarolinaCy View Post
    "

    Since a lot of money is tied up in Pickens' hedge fund, I'd say the current market is dictating when the money will be spent, not Pickens himself.
    Yes, I agree and was going to post something similar.

    But why does construction have to wait until the fund reaches a certain dollar amount? Is it because the outflow will drain the leverage - and since it's a hedge fund, it requires a specific dollar amount to stay leveraged?


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