Oral Roberts U. Reports More Than $50-Million in Debt

In the midst of a scandal over allegations of misspent money, Oral Roberts University, in Tulsa, is deeply in debt, according to the chairman of the Board of Regents, reports the Associated Press.

George Pearsons, the chairman, says the evangelical university’s debt, which he places at $55-million, results from high maintenance costs and not enough donations. A university spokesman told the wire service that the amount is actually $52.5-million.

Richard Roberts — the current president and son of the university’s founder — and his wife, Lindsay, have been named in a wrongful-dismissal lawsuit by three former professors. The suit says that the Robertses misspent university money on a vacation, remodeling their home, and a stable of horses for their daughters. The couple deny the allegations.

Mr. Pearsons said the university was still paying its bills on time and working to raise additional money, Tulsa World reports. “The board is working on it, doing everything we can to get rid of it,” he said. “The banner is up: Debt is out. That’s our determination.”

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