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Oklahoma State Gambled on Boosters' Deaths, Lost $33 Million

T. Boone gave some bad advice. Oklahoma State’s athletics department took out $10 million life insurance polices on 27 elderly boosters in 2007. The scheme was expected to reel in as much as $350 million. The Cowboys paid $33 million in premiums over two years before canceling the policies in 2009, when not one of the old codgers passed from this earth.

OSU tried to get out on a technicality, though a U.S. District Judge ruled the life insurance company could keep the money. This is sort of like that time where the athletics department lost $77 million investing in T. Boone’s hedge fund before the financial crisis.

[Photo via Getty]

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