David Booth, an alum of Lawrence High School and the University of Kansas, has made a donation of $300 million to Kansas Athletics — which is “among the largest single gifts in the history of college athletics,” according to a news release from KU.
Booth’s name was placed on KU’s football stadium after his donation of $50 million in 2017 kicked off renovations. The latest donation will propel the next phase of the Gateway District, according to the release.
The first phase included renovating much of the KU football stadium and construction of a conference center. In the second phase, KU will finish the south and east sides of the football stadium, plus develop a large mixed-use district next to the stadium, including an outdoor plaza, hotel, student housing, parking, retail space and more.
An updated presentation from KU on Tuesday included an estimate of $360.7 million for construction of the second phase, bringing the grand total to $808.7 million to complete both phases of the project.
“Booth’s visionary gift includes a $75 million challenge to other donors that launches the next phase of progress on the Gateway District and David Booth Kansas Memorial Stadium,” according to the release. “The remainder of his commitment will generate a stream of income that will strengthen Kansas Athletics across generations. ”
The announcement came Wednesday morning on the heels of the Lawrence City Commission on Tuesday night approving a package of tax incentives of up to $94.6 million for KU to develop the Gateway District.
Booth moved to Lawrence as a child, growing up near Allen Fieldhouse. He later sold popcorn in the stands during basketball games, according to the release.
He graduated from Lawrence High School and attended KU, earning both a Bachelor of Arts in Economics in 1968 and a Master of Science in Business in 1969. He earned his Master of Business Administration from the University of Chicago in 1971, according to the release.
He founded Dimensional Fund Advisors in 1981 — now “a global investment firm that manages $853 billion in assets as of June 30,” according to the release.
Booth said in the release that one of life’s greatest privileges is being able to give back to people and places that gave so much to you.
“KU and Lawrence are a big part of my story, and it means a lot to support the community that invested in me,” he said in the release. “Philanthropy, like investing, pays dividends over time. Each gift compounds, creating opportunities not just for today, but for years to come. This is really about the future we’re building.”
He donated James Naismith’s original rules of basketball to the university, and they’re now housed in the DeBruce Center. He also donated $5 million for construction of the Booth Family Hall of Athletics in 2004, followed by $4 million for subsequent improvements, according to the release.
Booth also provided a gift valued at $300 million to the University of Chicago School of Business in 2008, according to the release.
KU football’s season opener is against Fresno State. Kickoff is set for 5:30 p.m. Saturday, Aug. 23 at David Booth Kansas Memorial Stadium. See the full season schedule at this link.
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