With the worldwide economy looking a bit glum, it is expected that a record number of people will be try to head for various schools in the next 6 months, including one of the all time top b-schools: University of Chicago’s Graduate School of Business GSB.

But that school’s name is going to change.

The GSB announced on Nov 6th the receipt of a gift valued at $300 million from alumnus David Booth ’71. In appreciation, the university will rename the school to “The University of Chicago Booth School of Business.”

In an interview, Booth described the gift as “largely unrestricted.”

According to Chicago’s press release:

“The school plans to use the money for several new initiatives, including aggressively attracting and retaining star faculty. Other uses being considered include developing new faculty groups in academic areas not normally associated with business schools, expanding existing research centers, and launching ambitious programs to better leverage the school’s intellectual capital.

The gift may also be used to expand the school’s international presence beyond its existing campuses in London and Singapore.”

This also creates a new record for the largest gift to a b-school… breaking the previous record of $105 million given to Stanford GSB by Philip H. Knight in 2006.