Assembly Hall at Illinois now named State Farm Center

The building known as Assembly Hall at the University of Illinois will be renamed the State Farm Center, the school announced Monday.

State Farm Insurance and the school agreed to a 30-year, $60 million deal for the naming rights. The building is undergoing a renovation project with completion scheduled in time to open the 2016 season. The 16,000 capacity arena opened in 1963 and houses the men's and women's basketball teams.

"We are extremely proud to announce this relationship with State Farm, one of the most respected corporate brands in the world," Illinois Director of Athletics Mike Thomas said. "State Farm has been an outstanding partner for the University of Illinois for more than two decades, and this agreement will carry that partnership forward for at least three more. The Assembly Hall is one of the most recognizable structures in the nation and, at 50 years of age, has served the UI campus, community and Central Illinois very well. This agreement will ensure State Farm Center will serve those same constituents, and even more, for many years to come."