How Much Money Did T. Boone Pickens Give To Oklahoma State?
T. Boone Pickens was a business tycoon and legendary philanthropist who had a special connection with Oklahoma State University. Born in 1928 in Holdenville, Oklahoma, Pickens attended Oklahoma A&M, which later became OSU, on a basketball scholarship. After graduating in 1951 with a degree in geology, Pickens had a successful career in the oil and gas industry, founding Mesa Petroleum in 1956. Through shrewd business deals, Pickens became a billionaire and turned his attention to philanthropy. His alma mater OSU was a major beneficiary of Pickens’ generosity, as he donated over half a billion dollars to the university over his lifetime.
Pickens’ Early Donations
T. Boone Pickens began contributing to Oklahoma State University athletics as early as the 1980s. According to Wikipedia, in the 1980s Pickens made an initial donation of $1 million to fund the first renovation of OSU’s football stadium. He later gave another $5 million for further renovations that would eventually result in the stadium being named Boone Pickens Stadium in his honor in 2003. Pickens continued giving generously throughout the 1990s, including a $20 million gift in 1997 that The Oklahoman reported was the single largest gift in the school’s history at the time.
Pickens’ most transformational gift came in 2005, when he donated $165 million to the OSU athletics program. According to The Oklahoman, this record-setting gift helped fund a massive upgrade to OSU’s football stadium and other athletic facilities. It remains the largest single donation to any university’s athletic program in history.
The Pickens Legacy
In the early 2000s, Pickens made a series of major donations to Oklahoma State University that transformed both the athletics program and academics. In 2003, he gave one of the largest gifts in NCAA athletics history – a $165 million donation for renovating the football stadium and establishing an athletic village. This led to the stadium being renamed Boone Pickens Stadium in his honor. Two years later in 2005, Pickens donated an additional $63 million, with $20 million going towards academics and $43 million to athletics.
According to the Oklahoman, his donations from the early to mid 2000s went towards renovating Gallagher-Iba Arena, funding the rowing program, and establishing endowed chairs and professorships. These major gifts cemented Pickens’ legacy at OSU and ushered in a new era for the university.
Transforming the Athletics Program
Pickens was a huge supporter of Oklahoma State athletics, and his donations transformed the Cowboys’ facilities and programs into some of the best in the nation. In 2005, Pickens made one of his largest single donations when he gave $165 million to OSU athletics (Forbes, https://www.forbes.com/sites/mattbadenhausen/2018/09/06/how-investing-wizard-t-boone-pickens-transformed-oklahoma-state-football-forever/). The majority of this went towards renovating OSU’s football stadium, which was renamed Boone Pickens Stadium in his honor. According to Tulsa World, Pickens’ donations helped build “an indoor practice facility, new meeting rooms, coaches’ offices and an academic center for the football program” (https://tulsaworld.com/sports/college/osu/t-boone-pickens-major-donation-oklahoma-state/article_ad36f66e-0f21-11ee-a4ef-f359806b3bd1.html).
In addition to football, Pickens supported many other OSU athletic programs. He gave over $20 million to endow OSU’s baseball program and also made major donations for renovations to the basketball arena and soccer field (OSU News, https://news.okstate.edu/articles/communications/2023/oklahoma_state_university_receives_a_120_million_gift_from_t_boone_pickens_foundation.html). His unwavering support took OSU athletics to new heights.
Academic Investments
T. Boone Pickens made significant investments in OSU’s academic programs and facilities. Some of his major gifts supported new building construction and renovations. In 2005, OSU renamed the business school as the Spears School of Business after Pickens donated $20 million toward a new 100,000 square-foot facility (Source). The Pickens College of Arts & Sciences received a $5 million gift in 2011, allowing OSU to construct a new building. In 2017, Pickens gave $12 million to help construct a new Facility for Engineering Research & Technology (Source).
In addition to facilities, Pickens established numerous endowed professorships and chairs across several departments including business, geology, chemical engineering and entrepreneurship. These allow OSU to recruit and retain acclaimed faculty. Over 300 scholarships have also been created thanks to Pickens’ gifts, helping students afford tuition.
Total Donations
T. Boone Pickens was one of the most generous donors in Oklahoma State University’s history. Over the course of his lifetime, Pickens donated over $652 million to OSU, making him the university’s all-time leading donor.
Pickens first started giving to OSU in the 1980s, with an initial gift of $1 million towards athletics in 1984. In the 1990s and 2000s, his donations grew substantially. Some of Pickens’ largest gifts to OSU include:
- $20 million in 2003 towards athletics
- $165 million in 2005, the largest gift ever to an athletic department at the time
- $100 million in 2007 to establish the Pickens Legacy Scholarship Fund
- $20 million in 2012 to academics and student programs
- $100 million in 2016 to benefit the business school
- $50 million in 2017 to renovate the football stadium
- $50 million in 2020 to academics
- $120 million in 2023 from the T. Boone Pickens Foundation
According to OSU’s announcement in June 2023, Pickens’ total donations reached over $652 million during his lifetime. This unmatched generosity left a profound impact on nearly every aspect of OSU.
Ongoing Support
Even after his passing in 2019 at the age of 91, Pickens’ support of OSU continues through the T. Boone Pickens Foundation. In June 2023, the foundation announced a new $120 million gift to the university, one of the largest in OSU’s history. The donation will support OSU’s athletics programs and academics.
According to OSU President Kayse Shrum, the gift honors Pickens’ wishes to keep supporting the school he loved. She said, “Mr. Pickens wanted OSU to continue competing at the highest levels and for students to have access to a world-class education.” The donation will help fund renovations to athletic facilities, create new academic programs focused on entrepreneurship and energy management, and provide scholarships for first-generation students.
Even in his later years, Pickens remained devoted to OSU. Before his death, he had already donated over $652 million. With this latest gift, Pickens’ lifetime giving to OSU totals over $772 million, cementing his legacy as the school’s greatest individual donor.
Pickens’ Motivations
T. Boone Pickens had a deep affinity for Oklahoma State University, having graduated from OSU in 1951 with a degree in geology. Though he went on to have a successful career in the oil and gas industry, he never forgot his alma mater. Pickens credited the education he received at OSU as the foundation for his career accomplishments.
In the early 2000s, Pickens began making major donations to OSU, with the goal of helping the university become more competitive academically and athletically on a national level. As a proud alum, Pickens wanted to give back and elevate OSU’s reputation and prestige ([1]).
A driving motivation for Pickens was a desire to help OSU football become a powerhouse program. He hoped his donations could be used to upgrade facilities and attract top coaching talent, ultimately leading to winning seasons and championships. As a fan, Pickens wanted to create a legacy of excellence for Cowboy football ([2]).
On a broader level, Pickens aimed to make OSU a first-choice university for students across Oklahoma and the nation. By supporting facilities, faculty, research and scholarships, Pickens helped OSU become more competitive academically as well. His transformational gifts sought to benefit current and future generations of students.
The Impact
T. Boone Pickens’ donations had an immense impact on Oklahoma State University. His gifts totaling over $652 million over the years transformed OSU’s campus, athletic programs, and academic offerings.
One of the most visible impacts was the transformation of OSU’s athletic facilities. Pickens donated over $265 million to upgrade and build state-of-the-art facilities for football, basketball, and other sports. This included renovating the football stadium with luxury seating and naming it Boone Pickens Stadium in his honor. The facilities helped attract top recruits and contributed to OSU’s football success, including a Fiesta Bowl win in 2023.
Academically, Pickens’ donations supported faculty positions, endowed chairs, student scholarships, and new buildings across disciplines. The historic $165 million Pickens gift in 2005 went towards establishing endowed faculty positions, scholarships, fellowships and more. This investment in academics elevated OSU’s stature as a comprehensive research university.
Beyond direct donations, Pickens’ gifts inspired giving by other alumni and friends of the university. His transformative philanthropy made OSU’s fundraising abilities clear. In total, his donations played a pivotal role in propelling OSU towards becoming a top-tier land grant institution.
Legacy and Remembrance
T. Boone Pickens is fondly remembered at Oklahoma State University for his transformational philanthropic support. After Pickens’ passing in 2019 at age 91, OSU President Burns Hargis stated, “It’s impossible to calculate Boone’s full impact on Oklahoma State. His historic gifts to academics and athletics not only transformed the university, they inspired thousands of others to join in the transformation” (OSU News).
To honor Pickens’ legacy, in 2023 OSU announced plans to create the Boone Pickens Legacy Experience, which will showcase Pickens’ life and accomplishments through exhibits at the renovated Gallagher-Iba Arena (OSU News). The Boone Pickens Stadium will also memorialize his support of Cowboy athletics.
Beyond these tributes, Pickens will be remembered for spurring a culture of philanthropy at OSU. His leadership gifts encouraged many other donors to contribute to the university’s academic and athletic programs over the years. As President Shrum stated, “Boone Pickens’ transformative investments in OSU will continue to shape the future of our university for generations to come” (OSU Athletics).
