The renovation will include enhancements to the team's locker room and strength and conditioning facility.
Missouri released renderings of the renovations.
"Mizzou Arena is entering its 10th season and is tremendous facility for our basketball programs, but we need to enhance the areas that impact the fan experience, student-athlete well-being and assist in the recruitment of prospective student-athletes," Director of Athletics Mike Alden said. "In-game production and presentation is a significant factor in the game day experience for our fans and a new video board and sound system inside the Arena is a significant focus of this project. We also want to modernize our locker room and player lounge. We are proud to announce the first phase of that renovation (the player lounge) will begin immediately."
Missouri went 23-12 last season and failed to qualify for the NCAA tournament. In April, the Tigers hired Kim Anderson as head coach to replace Frank Haith, who left for Tulsa.