Naismith's Basketball Rules Bought for $4.3 Million by KU Grad

By Sylvia Maria Gross / AP

Kansas City, MO – Looks like the University of Kansas may become home to the original typewritten rules of basketball. The game was invented by James Naismith in Massachusetts in 1892, six years before he became a KU professor and basketball coach.

The two yellowed sheets of paper were auctioned off by Sotheby's for $4.3 million dollars. double the expected sale price. The winning bid came from David Booth, a Lawrence native and KU grad who owns a mutual fund company. In 2004, Booth's family donated 9 million dollars to KU to fund the Booth Family Hall of Athletics. He's said he hopes to bring the rules to the university.

James Naismith's grandson, Ian Naismith says all the proceeds from the sale will benefit Naismith Foundation, which promotes sportsmanship and provides services to youth around the world.