University of Oklahoma President David Boren says OU debt is large, but comparable to similar public universities

NORMAN — University of Oklahoma President David Boren issued a statement Wednesday about OU's financial status.

"Some recent reports about the university's financial position deserve to be clarified and put in context," Boren's said.

The statement followed remarks his successor made Tuesday during a meeting of the OU Board of Regents.

Jim Gallogly, who becomes OU president July 1, said he spent months sorting out the financials of the university "and frankly I'm not pleased with what I have found.” Gallogly said expenses are outpacing income by $36 million each year and the Norman campus is nearly $1 billion in debt.