Indiana University's basketball teams should be better at home some day simply on the basis of a $40 million gift from philanthropist and IU alumna Cindy Simon Skjodt (prounounced Scott) designated towards renovating Assembly Hall, ESPN reported.

For her generous gift (the largest in IU athletics history), the floor will be formally re-named Simon Skjodt Assembly Hall once improvements are complete, projected to be 2016 at the earliest, according to ESPN.

"The Simon Family name has long been synonymous with transformative philanthropy, and this extraordinary gift from Cindy Simon Skjodt and her family will allow IU to preserve and improve one of the great venues in college athletics for the next generation of Hoosier basketball fans," school president Michael McRobbie told iuhoosiers.com. "We are deeply indebted to Cindy Simon Skjodt and the entire Simon family for their deep and continued support across the full spectrum of Indiana University's mission."

Simon Kjodt is the daughter of billionaire businessman and film producer, Mel Simon. Along with his brother, Herb, he started the largest shopping mall company in the United States and purchased the Indiana Pacers in 1982. Mel died in 2009, but Herb is still alive and the team's principal owner.

The middle of the three children, Simon Kjodt is married to Canadian Paul Skjodt, a former professional hockey player in the International Hockey League and the current owner of an Indiana junior ice hockey team.

Her donation was announced in a press conference by school president Michale McRobbie on Thursday. Renovations will focus on adding and improving box-seats, fixing an entryway, installing a state-of-the-art video scoreboard, refinishing the bathroom, and, of course, stenciling the name, Simon Kjodt, on the gym floor, ESPN reported.

Indiana (8-3) isn't as good this season as last year, but the program has been revitalized over the last few years behind the work of head coach Tom Crean and current NBA players Cody Zeller and Victor Oladipo. They fell to Notre Dame, 79-72 in their last game.