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Kansas athletics received a $300 million gift from billionaire alumnus David Booth on Wednesday, the largest donation in school history.

'David's unprecedented generosity is transformative now and for our future,' Jayhawks athletic director Travis Goff said.

'... We're profoundly grateful for David's leadership and extraordinary impact on generations of student-athletes and fans. There is no more generous and impactful Jayhawk, and we are so fortunate to call him a friend and mentor.'

Kansas is expected to put $75 million toward the next phase of renovations at the David Booth Kansas Memorial Stadium and additional construction in the surrounding area, known as the Gateway District. The project includes a hotel, retail and restaurant spaces, student housing, parking and an outdoor event plaza.

Booth, a graduate of Lawrence High School and KU, is an investor and the founder of Dimensional Fund Advisors and has a net worth of $2.9 billion, according to Forbes. The school named the stadium after him in 2018.

'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 news release. '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. Each gift compounds, creating opportunities not just for today, but for years to come. This is really about the future we're building.'

The remaining $225 million will be allocated for athletic department expenses.

The Jayhawks' football program played in the Kansas City area last season during stadium renovations.

Kansas opens the season at home against Fresno State on Aug. 23.

--Field Level Media