Proof that OSU Sucks

[MegaCabMan]

Seriously, I thought T. Boon Pickens was much smarter than this!


As reported by Forbes...

The Oklahoma State Cowboys wagered on a few timely deaths, but they lost the bet and the team’s coffers are now $33 million lighter.

The “Gift of a Lifetime” fundraiser, reportedly suggested by OSU alum and Forbes 400 member T. Boone Pickens, was certainly an intriguing one. The athletics department took out $10 million life insurance policies on 27 boosters, between the ages of 65 and 85. The school had projected related revenues could be as high as $350 million, but apparently the boosters were taking their vitamins. Not a single insured booster died after two years, leading the athletics department to cancel the plan in 2009. Unfortunately for the Cowboys, they had shelled out $33 million in that time.
The athletics department tried to recoup some of those payments, claiming that policy records had not been properly delivered. But a U.S. District judge ruled this week that premiums paid over the first two years of the policies, which totaled $16 million, were made legally and could be kept by the life insurance company.

The Cowboys lost their No. 20 spot to Iowa on our most recent ranking of College Football’s Most Valuable Teams, and this latest foible may be instrumental to the team’s declining value. To put the financial loss into context, consider that OSU athletics spent about $16.5 million in each year of the fundraiser’s life, which is 85% of the Cowboys’ football profit of $19.5 million last year. More problematic is that the athletic department, which uses the football team’s operating income to support non-revenue sports like tennis and track, reported total profits of $14.4 million last year.

Suffice it to say, the Cowboys got in over their heads with the life insurance gamble. But with on-field success (the Cowboys beat Stanford 41-38 in last season’s Fiesta bowl) and boosters putting their lives on the line for the school, administrators have to feel comfortable about making a comeback in the near future.

http://www.forbes.com/sites/chrissmi...se-33-million/


Boomer Sooner!

[Graygoose]

Says it all.....plus all your doing insuring an income, no different then a family policy.

[LowRam]

how many big 12 championships do they have?? hmm lol

BOOMER!!

[Matt]

Originally Posted by LowRam how many big 12 championships do they have?? hmm lol BOOMER!!

if you want to talk about all sports osu throughly DOMINATES ou ... ou wins in football yes .. but entire school vs school it's crazy different and osu is just now getting the kind of revenue needed to be competitive which ou has had for years ...

[Graygoose]

Originally Posted by LowRam how many big 12 championships do they have?? hmm lol BOOMER!!

after last years OSU domination, one less for sure........OSU has steadily climbed up against OU in last couple years. Like matt said, TOTAL trophies as both campuses have all kinds of sports, OSU would win.

[Graygoose]

people always bring up OU's tradition.

[MegaCabMan]

Originally Posted by Graygoose Says it all.....plus all your doing insuring an income, no different then a family policy.

Really!? last I checked I don't spend 85% of my income on insurance premiums--do you?

Seems to me that the broker that sold these plans probably make a nice little (read huge) commission...I wounder what that person's tie to the University is? This may be more of a scam that what is being allowed at this time. Oh well, I guess good ol daddy Pickens is going to have to dig out the check book again!

This isn't about which school is more dominant at this or that sport. This is about one of the major Oklahoma universities putting their entire athletics program in serious jeopardy. All over an ill conceived insurance plan/scam.

But if you want to compare schools, lets use a real life measurement---MONEY! That's why we go to school; to earn more money and that's why collages play sports; to generate revenue. BRING IT!


Boomer!

[Graygoose]

haha, and OU has never had scams, like giving kids money for 'job's they dont actually do, new cars to drive, seriously?
You pay an insurance premium each month, careful...they are scamming you.................

Pickens donates to OSU, you trying to sale me nobody donates to OU's athletics? really? How about "more than what daddy Pickens donates annually..."

Just OU has an over abundance of givers, Pickens sticks out as he is one man that build a small empire to the north of Norman that laid domination on the ones to the south.

Measure schools in money, why when atletics is the sole income maker to some...........

Pistols Firing!

[MegaCabMan]

I understand you're blinded by the love and pride for your school. If this happened at OU, I personally would be furious. I was extremely disappointed in the I-35 Sports and Imports deal a few years ago, as were so many others that the guy had to move and sell the dealership. So, yea OU is not without sin.

You didn't answer the question...Do you spend 85% of your income on insurance premiums?

And Yes, insurance of any kind is a scam, a legal one but still a scam none the less. However, agreeing to spend 85% of somebody else's money on it is criminal.

Instead of being "AW Shucks, it'll be OK" you should be screaming for a head on a stick!--I'd bet if you dig you will find some ugly, underhanded, shady $hit that went on; hence my comment about the commission on the sale of the policies.

BTW I stole the "daddy Pickens" comment. It came from one of the most staunch OSU supporters in my office. And if you read the article, you have at least 27 large boosters, not just one. But this was his (Pickens') idea, it sucked big time and you should be calling for him and the others that agreed to this cockamamie skeem, to at least re-coupe the $33mm loss.

But since your not, that makes OSU suck.

Boomer!

[Graygoose]

and you have the right to like OU, me, I'd take any Texas team over OU...if OSU sucks, what does that mean where OU stands?

No I don't spend 85%, thats an ignorant question to say the least. You don't, or do you?

Ou's never had any under handed Big 12 issues? really? Stick your head in the sand in Norman, LOL.

i have no right to blame Pickens on anything, who am I, an internet judge like others...

Ou's made many mistakes over the years OU's campuses have been open, it's not like OU's holy whatsoever.

Thats klinda like the pot calling the kettle black.

You sound like Stoops looks...about the cry, LOL