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Basketball's Founding Document Sold For $4 Million

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The original rules of basketball go to auction this afternoon at Sotheby's in New York City, with a pre-sale estimate putting their value at $2 million.

The 13 rules were type-written 119 years ago by James Naismith while he was working at the YMCA in Springfield, Mass. The document also contains handwritten notes from Naismith.

Money raised from the sale will benefit the Naismith International Basketball Foundation.

Update 2:55 pm: Naismith's original rules sold for more than double the pre-auction estimate, fetching $4.3 million.

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