Oklahoma State University receives $57 million gift to create
world- class entrepreneurship program, boost athletics

Oklahoma State University announced today 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 [NYSE: SD] 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. 

Malone Mitchell was born in Stillwater while his father finished his degrees, and Malone graduated with a degree in agriculture at OSU in 1983.  Amy is a 1983 graduate of OSU’s College of Human Environmental Sciences where she obtained her degree in family relations and child development.

In 1984, the couple founded Riata Energy (now SandRidge Energy) with a $500 loan. Malone served in many roles including chairman, president and chief executive officer. During this time, Mitchell grew Riata Energy to become one of the largest privately held energy companies and the largest privately held land driller in the U.S., with significant midstream and tertiary oil production operations.  In December 2006 Malone retired from SandRidge to start new companies.

Currently and along with their four children, the Mitchells are actively involved in venture capital, energy and agricultural businesses both domestically and internationally.

The commitment to the Spears School of Business will build a world-class entrepreneurship program at OSU over the next five years, and will also create the Riata Center for Entrepreneurship. 

Specifically, the gift will create a center for entrepreneurship and innovation, allow academic collaboration to build a campus-wide entrepreneurship program, and foster greater partnerships with academic units and state entities in supporting entrepreneurship activities within the state.

”The Mitchells’ gift will be a catalyst for infusing an entrepreneurial culture at OSU that will convert intellectual capital into entrepreneurial activity that creates value for the state and region,” said Sara Freedman, dean of the Spears School of Business.  “We can’t thank Amy and Malone enough for what this means to OSU, our students and the state of Oklahoma.” 

The gift also will create a number of endowed faculty positions within the school, which will be matched by the Boone Pickens’ gift and those gifts together matched dollar-for-dollar as funds are available by the Oklahoma State Regents for Higher Education, making the total impact on the business school $94.6 million.

Support to the OSU athletic department will allow the university to be more competitive on a national level by providing endowed support to future athletic facility projects and scholarship initiatives.

“We appreciate the Mitchell’s incredible generosity,” said Mike Holder, vice president for OSU athletics.  “Some of the best companies in the world are based in Oklahoma, and we believe in the leadership of Tom Ward the CEO and President of SandRidge Energy Company.  Our plan is to hold the stock and combine it with our investment at BP Capital.  This will accelerate the construction schedule for the Sherman Smith Training Center plus the development of the other facilities in the athletic village.”

Oklahoma’s only university with a statewide presence, Oklahoma State University is a five-campus, public land-grant educational system that improves the lives of people in Oklahoma, the nation, and the world through integrated, high-quality teaching, research and outreach.  OSU has more than 32,000 students across its system and nearly 21,000 on its Stillwater campus.  Established in 1890, the Stillwater campus is the home of the OSU System.  OSU boasts students from all 50 states and more than 110 nations, and has nearly 200,000 alumni throughout the world.  

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