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When the economy is in the crapper (ie, NOW), all industries are affected, even sports. For example, people can’t afford to go to as many games, so seats might stay empty. It is just a fact of life. Luckily, though, I feel like NCAA Football is often left very unaffected by swings in the economy. The tickets are affordable enough that fans keep the seats filled, and some colleges even see bigger numbers because people who can’t afford to go to NFL games replace those events with less expensive NCAA games. 
That said, the economy is so bad right now that even NCAA football is feeling the strain. Point in case: Oklahoma State.
A few years ago, alumnus oil tycoon T. Boone Pickens (see right) pledged a record-setting $165 million to Oklahoma State to be used for the athletics programs. The billionaire and school put that money into a BP Capital hedge fund, along with other donations, and in 2007, those donations and appreciation had caused the fund to grow to $288 million. That’s a lot of footballs!
Actually, the school planned construction of a state-of-the-art athletics village, which was to include a new indoor practice facility, new baseball and softball stadiums, and new venues of tennis, soccer, equestrian evens, and track and field meets. Also included in this project was renovations to the 
west end zone of the football stadium (see left), which is, in fact, named the Boone Pickens Stadium. Guess who funded the construction of that facility?
While the football renovations remain on schedule, the rest of the sports village has been put on hold. The school won’t say how much money they’ve lost, but it is estimated that Pickens himself, who was said to be worth $3 billion in 2007 by Forbes, has lost over $1 billion of his personal money.
I’m sure that the school is fielding angry phone calls from donors who’ve seen their donations melt away in the unsuccessful hedge fun investment, which brings about the question of whether or not schools should be permitted to make risky investments with contributions.
Whatever the answer to that question may be, Oklahoma State cannot go back in time to get that money back. Like everyone else, they’re trying to ride this out, but in the end, the sports program will suffer. And that’s sad.
Pictures via Newscom.
It’s not just sports programs, either. A lot of schools’ scholarship funds, etc. are in funds that have been hard-hit. And, with the credit market freeze, student loans are being affected as well.
I know all schools are hit by the drop in investment dollars, even state schools, forcing difficult choices.
Your tellen’ me!! Urgh.
I have read where many college sports depend on contributions! My sons are both in sports and I understand the importance of them. As important as I believe in sports, academics must suffer, also and that is very sad. Thanks, Cindi
I wonder too, Kirsten.
I hadn’t even thought about this before. I didn’t lose any money but no several who have. This is an angle that I haven’t read about or heard anyone discussing yet. I wonder how many schools have been affected.