Illini's Assembly Hall renamed

CHAMPAIGN, Ill. -- The University of Illinois has sold the naming rights for Assembly Hall to State Farm Insurance Co.

In a 30-year, $60 million agreement announced Monday, the home of the university's basketball teams will be known immediately as State Farm Center. The change comes as the 50-year-old arena undergoes a renovation that is scheduled to be completed in the fall of 2016.

Athletic director Mike Thomas says the university is proud of the new relationship with State Farm. He added the insurance company, headquartered in Bloomington, is "one of the most respected corporate brands in the world."

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