Booth gifts Kansas $300M for stadium renovations, additional revenue stream

LAWRENCE, Kan. (AP) — Kansas has received a $300 million gift from donor David Booth, the largest in school history and believed to be among the richest in the history of college sports.

Booth, a graduate of Lawrence High School and KU, already has his name on the football stadium.

Kansas was expected to allocate $75 million toward the next phase of the renovation of the David Booth Kansas Memorial Stadium and additional construction of the surrounding area, called the Gateway District. Kansas athletic director Travis Goff said the remainder of the gift was expected to generate a stream of income for the athletic department that could last for generations.

“There is no more generous and impactful Jayhawk, and we are so fortunate to call him a friend and mentor,” Goff said.

The Gateway District’s next phase was expected to add a hotel, additional retail and restaurant spaces, student housing, improved parking, and an outdoor event plaza.

Booth is the founder of global investment firm Dimensional Fund Advisors, which managed $853 billion in assets as of June 30. The longtime benefactor made a $50 million pledge in 2017 to help with the overhaul of the football stadium, which at the time was the largest donation in KU history. He has given several other financial gifts to the university, including $4.3 million to buy and donate James Naismith’s original rules of basketball.

“KU and Lawrence are a big part of my story, and it means a lot to support the community that invested in me," Booth said. “Philanthropy, like investing, pays dividends over time.”

The Kansas football team played six games last season in the Kansas City area while the stadium underwent renovations. The Jayhawks are set to play their first game at Memorial Stadium on Aug. 23 against Fresno State.

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