Oklahoma's $370 million stadium expansion project is on hold.
According to SoonerScoop.com, the economic climate (oil prices) have caused the OU president David Boren to table the project for the time being.
Sources tell us the reasons behind the postponement are “market related.” That has mostly to do with the current economic climate where oil prices have fallen drastically and stockpiles have built up to record highs in the U.S.
Another source told SoonerScoop.com that the current climate makes stadium expansion “unrealistic” at this point in time.
Bob Stoops’ Sooners are also coming off one of their most disappointing seasons in his 16 years in Norman after losing to Clemson 40-6 in the Russell Athletic Bowl, and the fundraising arm of the university has had difficulty securing financial commitments for new stadium suites which were to be a part of the new renovations.
A large portion of the revenue stream the university needed for the renovations were going to come from the selling of those suites.
Administration members, contractors and architects have been informed of the decision.
The project was set to close in the stadium to form a bowl. A covered upper concourse was to be built on the south side of the stadium as well as the new suites mentioned above. In addition to those features, space for the university was to be added to the north side of the stadium.
The university is reportedly going forth with its plans for a new Residential College, a project which is being funded by $80 million worth of bonds.
For more Oklahoma news, visit SoonerScoop.com.
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Nick Bromberg is the assistant editor of Dr. Saturday on Yahoo Sports. Have a tip? Email him at nickbromberg@yahoo.com or follow him on Twitter!
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