The hall and museum closed earlier this month because the Professional Rodeo Cowboys Association says it's a money loser.
The P.R.C.A. says it plans to reopen the venue once it's figured out a way to run it more efficiently and get more tourists to visit.
Professional Bull Riders President Ty Murray says the donation will help the venue open sooner than otherwise possible. Both organizations are headquartered in Colorado Springs.
Inductees into the Hall of Fame include 167 people -- including Murray -- and 22 animals.
The P.R.C.A. opened the ProRodeo Hall of Fame in 1979.