The University of Illinois has renamed its historic Assembly Hall as State Farm Center following a 30-year, $60 million naming rights agreement with long-time corporate sponsor, State Farm Insurance Co.

The former Illinois' Assembly Hall was home to the university's basketball teams, "The Fighting Illini," who have played in the arena since 1963.

The money from the agreement will be utilized for the $100 million major renovation project of the basketball arena that is scheduled to be completed by 2016.

"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,'' Illinois director of athletics, Mike Thomas, said.

Thomas said that this agreement would majorly fund the project along with the support from campus, students and community members.

Some portion of the renovation project is set to begin this summer while the project is expected to be implemented in full force and effect, starting March 2014.

The university later issued a statement saying:

"We are extremely proud to announce this relationship with State Farm, one of the most respected corporate brands in the world.

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. This agreement will ensure State Farm Center will serve those same constituents, and even more, for many years to come."

One of Illinois' fan told ESPN that Assembly Hall is just a common name and a boring one. Plus, both Illinois and Indiana share the same name for their respective arenas, which has created confusion in the minds of their followers over the past few decades. As a result, this change in name will make things quite easier.