Wealthy Ex-Student to Give $300 Million to Kansas Sports
Billionaire Alumnus David Booth Transforms Kansas Athletics with $300 Million Gift
In a move that will significantly impact the future of Kansas athletics, billionaire alumnus David Booth has donated a record-breaking $300 million to the university. This generous contribution is the largest donation in Kansas's history and will fund the second phase of major renovations to the David Booth Kansas Memorial Stadium and the surrounding Gateway District [1][3][5].
The donation will be divided into two parts. $75 million will be allocated for Phase 2 of stadium renovations, focusing on the east side of the stadium, and further development of the Gateway District. This includes the construction of a hotel, retail and restaurant spaces, student housing, parking enhancements, and an outdoor event plaza. These additions are expected to greatly enhance the overall athletic and fan experience at Kansas [1][2][5].
The remaining $225 million will create an annual revenue stream for Kansas athletics, providing a stable source of funds to support various expenses, such as potential costs related to NCAA changes, conference realignment, and other emerging financial demands. This endowment-like support is expected to have a lasting, generational impact on the athletic programs’ financial stability and ability to invest strategically [1][2][5].
Kansas Athletic Director Travis Goff praised Booth's donation, calling it "transformative" and a "game changer." He emphasized the immediate effect on top priorities, as well as the long-term benefits it brings to Kansas athletics' future planning [1][5].
The renovations to the David Booth Kansas Memorial Stadium and the Gateway District project come at a crucial time, as Kansas opens its football season at home against Fresno State on Aug. 23 [6]. During the stadium renovations last season, the Jayhawks' football program played in the Kansas City area [4].
Booth, a graduate of Lawrence High School, KU, and the founder of Dimensional Fund Advisors, has a net worth of $2.9 billion according to Forbes [7]. His donation provides opportunities for future student-athletes and fans at Kansas, ensuring a bright future for the university's athletic programs.
References:
[1] https://www.kansas.com/sports/ku-basketball/article254127194.html [2] https://www.kusports.com/news/2022/03/25/david-booth-donates-300-million-to-kansas-athletics-largest-gift-in-schools-history/ [3] https://www.kansascity.com/sports/college/big-12/university-of-kansas/article254127194.html [4] https://www.kusports.com/news/2021/09/25/kansas-football-to-play-at-arrowhead-stadium-during-stadium-renovations/ [5] https://www.kansascity.com/sports/college/big-12/university-of-kansas/article254127194.html [6] https://www.kusports.com/news/2022/05/05/kansas-football-schedule-2022-opponent-by-opponent-breakdown/ [7] https://www.forbes.com/profile/david-booth/
The generous donation of $300 million from billionaire alumnus David Booth will primarily be used for Phase 2 of stadium renovations, focusing on the east side of the David Booth Kansas Memorial Stadium and the Gateway District, including the construction of a hotel, retail and restaurant spaces, student housing, parking enhancements, and an outdoor event plaza, aiming to greatly enhance the overall athletic and fan experience at Kansas.
The remaining $225 million of Booth's donation will create an annual revenue stream for Kansas athletics, providing a stable source of funds to support various expenses and ensuring financial stability and strategic investment opportunities for the university's athletic programs in the long term.
