Hougland was among seven Kansas men’s players who helped the United States win gold at Helsinki 1952, playing in all eight games and averaging 5.8 points.

Four years later in Melbourne, Hougland, who was then playing for the Phillips 66ers of the National Industrial Basketball League, was captain of the US Olympic team and again averaged 5.8 points.

The Soviet Union were the losing finalists at both Games.

Hougland was a member of Kansas' 1952 National Collegiate Athletic Association (NCAA) National Championship team under head coach Forrest Clare "Phog" Allen.

He played in 77 games in his three-year University of Kansas career and helped lead the Jayhawks to the 1950 and 1952 Big Seven Conference regular-season titles.

Hougland was inducted into the State of Kansas Sports Hall of Fame in 2006 and the Kansas Athletics Hall of Fame in 2008.

"We lost one of our all-time KU greats in Bill Hougland," Kansas men's basketball coach Bill Self said.

"Bill was not only successful as an athlete at Kansas, being part of the 1952 team and winning two Olympic gold medals, but a very successful business man during his adult years and made Lawrence his home.

"He leaves behind a beautiful family and will be missed by all."

Following his college and Olympic basketball career, Hougland was drafted into the Air Force and served in Japan for more than a year.

He then worked for the Phillips Petroleum Company in Bartlesville, Oklahoma for eight years before joining Koch Industries, the parent company of Koch Oil, in Wichita.

Hougland also served as vice-president for Koch Industries and President of Koch Oil before he retired in 1991.

In 1993, he and his wife, Carolie, committed more than $1.2 million (£986,000/€1.1 million) to benefit the University of Kansas athletic department, school of business, alumni association and the Helen Foresman Spencer Museum of Art.

Clyde Lovellette, one of Hougland’s team-mates at Helsinki 1952, died of cancer at the age of 86 last March.