Oklahoma City - Boone Pickens had Oklahoma State’s sports section to jump-start nature and simple way, gives $ 165 million of his own money. Now, he tries to help his Alma Mater in an innovative fashion.
Athletic director Mike Holder Pickens credited with the idea of Oklahoma State’s Fund Raising new plan to buy $ 10 million life insurance for 25 of his supporters at the university as a recipient.
“It is a mere possibility for people qualified to give, with income from life insurance with the same from a group of colleagues, a common commitment to their institution,” said Pickens, a billionaire, has his fortune in oil - business.
Owners said that he believes the “Gift for Life” is the greatest use of this type of life insurance ever a division of college sports. The University pays the insurance premiums for donors selected in the hope of finally reap the fruits.
The money from politics to sports scholarships and pays agencies and measures, the owner said.
“Our initial discussions with Boone on this subject quickly” what-would it be if? “At a” why not? “Conversation,” said Holder. “It’s one thing to another and we sought advice from experts insurance above the research the idea.
“This program is a support of our loyal trailer” will new ways to help their university, using a lasting legacy that benefit OSU Cowgirls cowboys and for generations to come. ”
Posted Larry Reece, school, executive director of gifts and development: “We believe that we are the sports section first university to do so. We said that this was done with some churches, and is successfully . ”
Reece said at least one other school contacted Oklahoma State to learn more about the program.
“We believe it will change the world and for the future of Oklahoma State,” said Reece.
Texas Tech Athletic Director Gerald Myers said he had talked about the Oklahoma State officials around the idea during the last six months, and had also proposed to enable people from the insurance business and others to University of Texas. It had not yet among the conclusions: “We have no plans at this point,” said Myers.
“That is why I am gathering information to see if we can,” said Myers. “This is not something that I can say that we do, but I looked inside.”
Oregon Athletic Director Pat Kilkenny, a former insurance executive, said he would need more information about the donor.
“Looks like an interesting idea, but based on the information I need more information to comment intelligently,” said Kilkenny, chairman emeritus of San Diego-based Arrowhead General Insurance Inc.
When is reached after hours of Thursday, said spokeswoman Gail Dent NCAA necessary for research, if all other schools have similar programs.
Reece expressed the gratitude of 55 people, agreed on the physicals and go through the qualification process for insurance plans. He said that most of the 25 pool are the first donors and selling season tickets owners. All are aged between 65 and 85
Reece said the school would have had to pay $ 20 million in insurance premiums, they rented a credit.
The school is surrounded by a huge upgrade its sports facilities, triggered by Pickens’ gift of $ 165 million in January 2006 - the largest gift ever NCAA sports. The proposed sports village, new facilities for baseball, soft-ball, athletics, football, tennis and horseback riding at a price of at least $ 300 million. The total includes upgrading to the conclusion of a football stadium, named after Pickens.
Holder noted that Oklahoma State’s sports division that is faced with a draft budget deficit, because Pickens’ gift and insurance is focused on long-term stability.
Pickens, the founder of Dallas-investment funds based on energy BP Capital, has over $ 250 million to Oklahoma State, his alma mater, in recent years.
Alumnus Sherman Smith pledged $ 20 million in January on the construction of a reduction of $ 50 million Indoor investment practices. Laying the foundation stone is expected this year.