The University of Minnesota is set to explore its options for a potential naming rights deal for Williams Arena, the university announced on Thursday. Minnesota will be working closely with Independent Sports & Entertainment throughout the process.

"This is a tremendous opportunity for a company to align themselves with the University of Minnesota and Gopher Athletics," said Director of Athletics Mark Coyle in a press release. "We look forward to working with ISE to find a naming rights partner that will help us continue to provide world-class experiences for our student-athletes."

"When you have a university with strong leadership, great tradition, in a top conference, and in one of the best markets in the country, there is great opportunity for the right brand partner," said Owen Shull, Executive Vice President and Head of ISE Properties. "We are excited to partner with Minnesota on this important naming rights search."

The sale of Williams Arena's naming rights should not come as a surprise in the modern landscape of college athletics, as athletic departments are exploring every possible avenue for additional revenue.

In 2017, the University of Minnesota sold the naming rights to Mariucci Arena to 3M as part of a 14-year deal worth $11.2 million, leading to the arena's current name, 3M Arena at Mariucci.

Outside of Minnesota athletics, Penn State recently sold the naming rights to Beaver Stadium, securing a 15-year deal worth $50 million, the largest naming rights deal in college football.

Williams Arena, which first opened in 1928 as Minnesota Field House, has been widely debated in recent years as its 100th anniversary approaches. The arena has undergone multiple renovations, including in 1950, 1993, and 1997. However, at nearly 100 years old and without renovations in 27 years, additional upgrades are likely needed in the future.

Notably, Williams Arena is one of three active Division I basketball courts in the country that use a raised floor, alongside Vanderbilt's Memorial Gymnasium and Butler's Hinkle Fieldhouse.

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