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This year, Kansas Football begins the season ranked in the top 10 of the Big 12. In the process, they got quite a helping hand.
On Wednesday, global investment banker David Booth generously donated $300 million to the football program, per Max Olson of ESPN.
Approximately $75 million of that gift will be used to renovate the David Booth Kansas Memorial Stadium. Consequently, Kansas Athletics director Travis Goff very much welcomed the donation.
“I'd say it's transformative and a game changer,” he said to ESPN. “This gift makes an immediate impact on our top priority in a profound way, and it also provides us with an incredible revenue stream that gives us a chance to really invest in unique ways in the future of Kansas athletics.”
Furthermore, renovations will be undertaken for the Gateway District on the east side of the stadium.
At first, Kansas invested $450 million into the first phase of development. Furthermore, the additional $75 million will be used for phase two of the operation.
Ultimately, phase two will be the construction of a hotel, restaurants, student housing, and parking.
Fittingly, Booth is a graduate of Kansas and is also the founder of Dimensional Fund Advisors.
“One of life's greatest privileges is being able to give back to the people and places that gave so much to you,” Booth said in a statement. “KU and Lawrence are a big part of my story, and it means a lot to support the community that invested in me.”
“Philanthropy, like investing, pays dividends over time,” he said. “Each gift compounds, creating opportunities not just for today, but for years to come. This is really about the future we're building.”
In 2023, Kansas announced a $300 million plan to renovate Memorial Stadium.
David Booth's impact at Kansas
It turns out, this isn't the first time Booth was generous with his money. In 2010, Booth donated James Naismith's original basketball rules to the University.
Ultimately, he purchased the original 1891 rules at an auction for $4.3 million. Naismith, the inventor of basketball, was a Kansas alum.
As of today, they are housed in the Booth Hall of Athletics.
