The University of Idaho has signed Idaho Central Credit Union (ICCU) as the naming rights sponsor for its new basketball arena.

ICCU donated $10m (£7.38m/€8.33m) to the university’s project of building a 4,200-seat basketball arena, which will now be called the Idaho Central Credit Union Arena.

Under the agreement, the credit union will hold the naming rights of the venue for the next 35 years.

“This wonderful donation from Idaho Central Credit Union to our arena campaign is a game-changing investment for this project, for our university community and for Idaho,” said university president Chuck Staben.

“The naming gift puts us that much closer to completing a stunning facility that represents Idaho excellence. We are so proud to partner with an organisation similarly committed to serving this great state.”

University of Idaho

The 62,000-square-foot venue will be an engineered wood structure, with the $45m project already receiving financial support from the Associated Students of the University of Idaho, the U of I Alumni Association and the U of I Foundation.

Groundbreaking will take place when funding for the entire project is secured, with $34m already raised toward the project.

“The arena project has been a long time coming. With the help of our Vandal supporters we are seeing this vision become a reality. This arena will bolster the student-athlete experience and create an exciting environment for future generations,” said U of I director of athletics Rob Spear.