Economy slowing down OSU's building boom

[EggMcClone]

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.

[Rogue52]

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

[cyclonez7]

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

[CarolinaCy]

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.

[Go2Guy]

"

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?