Ex-head of Oral Roberts Univ. to get severance

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updated 8:03 p.m. ET Aug. 13, 2008

TULSA, Oklahoma - The former president of an Oklahoma university founded by televangelist Oral Roberts, who stepped down amid allegations he misspent school funds to live in luxury, was offered a severance package but officials would not divulge its terms.

Roberts' son, televangelist Richard Roberts, resigned from Oral Roberts University in November.

He and his wife, Lindsay, were accused of dropping money on shopping sprees, home improvements and a stable of horses for their daughters at a time when ORU was more than $50 million in debt. Both have repeatedly denied wrongdoing.

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Billionaire Oklahoma City businessman Mart Green took the reins at ORU in January, donating $70 million and pledging to restore the public's trust in the small evangelical school.

On Wednesday, Green called the proposed severance agreement "fair, reasonable, and in the best interest of ORU." The package needed finalization, and Green refused to comment further on the details.

Frank Hagedorn, Roberts' attorney, confirmed the negotiations.