The University of Illinois and State Farm made an announcement Monday that they're previously established partnership has continued to grow across the school's campus.
A 30 year, $60 million agreement that was put into place led to the university's arena -- formerly known as Assembly Hall -- to now be named the State Farm Center. The structure will undergo major renovations set to be completed in the fall of 2016.
“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.”
This agreement will continue to grow the bond between the university and company that was originally established largely in part of the close proximity to one another in central Illinois.
“We are proud to be a part of the renovation of this classic Illinois venue, and further expand our longstanding relationship with the University of Illinois and the state where our company has been headquartered for more than 90 years,” said Randall Harbert, Executive Vice President and Chief Agency, Sales & Marketing Officer, State Farm Insurance Companies.
The name State Farm Center will take effect immediately, and renovations could begin as early as this summer.
“From the very early stages of this project, it was clearly apparent that naming rights for the building would play a major part in thefunding model,” Thomas said. “This agreement complements support from campus and our students while supplementing support from the community.”