During the summer of 2014, the Board of Regents approved a $370 million proposal to renovate the Gaylord Memorial Stadium. Fast forward to Wednesday when David Boren, the president of the University of Oklahoma, decided to postpone renovations until a further notice according to the fellas over at SoonerScoop.com.
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. - Sooner Scoop
Question remains, could the delay have been caused by the product on the field during the 2014 season?
There's no denying that the Oklahoma Sooners are coming one of the most disappointing seasons during the Bob Stoops Era. With the chance to end on a high note, the program crumbled during the bowl season producing a 34 point loss. Speculation has it that Oklahoma experienced "difficulty securing financial commitments for new stadium suites which were to be a part of the new renovations." The struggle would ultimately lead to a lack of funds.
Regardless, Boren likely maintains the product on the field had little to nothing to do with the decision.
Instead, the university eyes a state of the art Residential College to house 600 students. Ideally, the Residential College will be built south of the stadium and west of Headington Hall complete with a dining area and other amenities. The estimated cost of the project sits at $80 million with another $25 million going toward a new parking garage.
In total, Boren and the Board of Regents hope to secure $125 million in bonds to complete the proposed projects while straying away from the stadium renovations for now.
The news begs the question: why not make the announcement after national signing day? I can only guess that this has been a selling point for recruits...