Incoming OU president Jim Gallogly says the school is losing $36 million a year with the Norman campus almost $1 billion in debt. He says lay-offs may be necessary to right the ship. However, Gallogly says tuition hikes at OU are not an option.
Meanwhile, OSU spokesman Gary Shutt said Thursday that the university's bonded indebtedness totals $809 million.
Gallogly said on Tuesday that the University of Oklahoma needs to "put our house in order" before asking the state for more money.