Energy magnate T. Boone Pickens on Wednesday promised $100 million to his alma mater, Oklahoma State University, to fund endowed academic chairs.
A state program matches donations for endowed chairs, potentially doubling the gift, though the state has a $124 million backlog of donations it has yet to match.
Pickens, a 1951 grad with a degree in geology, has made previous gifts to the school totaling more than $300 million.
''I am privileged to give even more to my alma mater,'' Pickens said in a statement. ''It gives me great pleasure to make a gift, that when matched by the state, will transform academics at OSU. My goal has always been to make OSU more competitive in all areas.''
Oklahoma State President Burns Hargis praised Pickens' generosity.
''This most recent gift from Boone is indescribable in terms of what it means in our committed pursuit to advance and elevate OSU's academics to a new level of excellence in the world,'' Hargis said in a statement.
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