It looks like that morbid T. Boone Pickens-inspired life insurance program designed to raise tons of money for the Oklahoma State athletic department worked out about as well as it deserved to.
Oklahoma State’s unique fundraiser was expected to bring in hundreds of millions of dollars to fund school sports, based on the idea of purchasing $10 million life insurance policies on about two dozen boosters with the university as a beneficiary.
Instead, the so-called “Gift of a Lifetime” program created on the advice of top booster T. Boone Pickens has ended with Oklahoma State having spent $33 million with nothing to show for it.
Well, except for the national attention and ridicule. You can’t put a price tag on that.
And talk about your poetic justice: “The school was unwilling to use Pickens’ $165 million donation to the athletic department as collateral on a loan, and that fund eventually took a hit when the economy soured. Pickens eventually had to make another donation just to complete renovations to the football stadium.”