As early as the first tournament in 1950, FIBA had decided to name the trophy in honor of Naismith, but did not have the funds to create the trophy. Finally, in 1965, FIBA received a US$1,000 donation and commissioned a trophy. The trophy was introduced at the 1967 tournament, and was awarded to the Soviet Union, which won the first of their three FIBA World Championship titles at the tournament.