Posted by ESPN.com's Tim Griffin
The Wall Street Journal reported Wednesday that the recent downturn in energy investments has blindsided billionaire T. Boone Pickens, leaving one of his hedge funds that focuses on energy stocks down almost 30 percent through August. A smaller commodity-focused fund is down 84 percent.
Pickens' funds have lost around $1 billion this year, a figure that includes $270 million of personal losses, the Journal reported.
"It's my toughest run in 10 years," Pickens told the Journal. "We missed the turn in the market, there's nothing fun about it."
The losses could have serious effects for the building plans Pickens has developed at his alma mater, Oklahoma State.
Pickens' $165 million donation in 2006 is serving as the seed for funding for an extensive building project at Oklahoma State. The school is in the process of making a complete renovation of its athletic facilities, starting with a $180 million renovation at Boone Pickens Stadium that will continue despite his recent economic struggles.
Other renovations are planned in improving Oklahoma State's athletic facilities from some of the worst in the Big 12 to some of the best among all colleges. The upgrades were to be built with money borrowed against Pickens' slumping hedge fund.
The Oklahoman reported Wednesday that Pickens' recent struggles have pushed back the construction of an indoor practice facility that would be used by several Oklahoma State teams.
"Construction of the new $50 million dollar Sherman Smith Indoor Athletic Center will begin when the economic climate improves," Oklahoma State spokesman Gary Shutt told the newspaper.
Tim Griffin joined ESPN.com in February 2008. He has covered the Big 12 since its inception, among a variety of beats during a 24-year career at the San Antonio Express-News. Griffin, a Memphis State University graduate, lives in San Antonio with his wife and son.
