OSU Receives $57 Million Gift

The gift will create a state-of-the-art entrepreneurship program and provide support for the athletic programs.

Thursday, June 26th 2008, 1:38 pm

By: News On 6

Oklahoma State University announced on Thursday a far-reaching gift of $57.2 million from Texas oil and ranching alumni Amy and Malone Mitchell 3rd that will create a state-of-the-art entrepreneurship program within the Spears School of Business and provide significant support for the university's athletic programs.

With $22 million designated for chairs within the business school, the academic gift will have an impact of $94.6M once fully matched dollar-for-dollar by the Oklahoma State Regents for Higher Education as well as T. Boone Pickens' $100 million chair match commitment. This places the gift's total cumulative academic and athletic impact at $123.2 million.

"This incredible expression of generosity by Amy and Malone Mitchell will have an enormous impact on OSU academics and athletics," said OSU President Burns Hargis. "The entrepreneurship program we will create with this gift supports our vision of a new land-grant university that cultivates greater creativity and collaboration among students and faculty."

The transformational gift was made through the donation of one million shares of SandRidge Energy stock. The gift will be split evenly between the Spears School of Business and the OSU Athletic Department. The gift to the business school is the largest donation ever to a university entrepreneurship program.

"Our vision for Oklahoma State University is to be the premier institution in the area for classroom or extension instruction for students wishing to learn how to create, finance and manage their own business," said the Mitchells. "The athletic programs are an important part of alumni connection with our university and we want to further that bond."

The donation is the second largest academic gift ever to OSU, coming after Boone Pickens' record $100 million gift last month for OSU faculty chairs. Malone credits Boone Pickens with inspiring him and Amy to make the gift at this time.

"Boone Pickens was a critical role model for me as a student; inspiring me to pursue an aggressive business career," said Malone. "That career has blessed us financially. As we got to know Boone personally and his vision for winning at life and heartfelt desire to improve the university, his examples clarified for us that it was not enough to just wish for a better Oklahoma State - we had to act!"

"The gift from Boone and this gift from the Mitchells are helping launch a new era of academics at OSU and will inspire others to join us as we pursue big dreams," said Hargis.