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|U of I Approves Arena Deal with State Farm
|CHICAGO (AP)--University of Illinois trustees have signed off on the deal that will change the name of the Assembly Hall arena in Champaign to the State Farm Center in exchange for $60 million for the company.
The university announced the deal in late April. The trustees' vote Wednesday in Chicago was the final approval.
Bloomington-based State Farm Insurance Co. will pay the money over 30 years.
The change comes as the university begins a $165 million renovation project. Luxury boxes, air conditioning and other features will be added to the 50-year-old arena.
Illinois' arena is the second in the Big Ten to sell its naming rights. Pinnacle Bank purchased the naming rights to the University of Nebraska's arena for $11.2 million over 25 years.