Founding Rules of Basketball by James Naismith fetched a record $4.3M at Sotheby’s Auction

By on Dec 11, 2010 in Basketball, Current Events, Lifestyle, Sports Comments
Photo credit: AP (Founding Rules of Basketball)

In 1891, James Naismith setup the game of basketball by writing 13 rules and pinned it on a gym bulletin board at a YMCA in Springfield, Massachusetts. After 120 years, the historic document is worth a fortune as it fetched $4.3 Million at Sotheby’s auction in New York on Friday, December 10, 2010, according to international reports.

The two-page document containing the original set of basketball rules were sold to David and Suzanne Booth. The Kansas basketball fans buyers intends to display the document at the University of Kansas.

Photo credit: Kansapedia

The amount of the signed typescript is now considered as the highest ever fetched by a sports memorabilia. The sale of the document has broken the previous record set in 1999 at $3 Million of Mark McGwire‘s baseball hit for a record breaking single-season home run in 1998. The Founding Rules of Basketball was sold by the Naismith International Basketball Foundation (NIBF). According to reports, the NIBF will use the proceeds of the sale to help the foundation in its charity work.

According to other websites, Naismith was a physical education teacher. He was given 14 days to come up with a new sport that turned out to be one of the world’s well-loved sports today, basketball. Naismith was able to finished the game’s rules one day before the set deadline.

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