COLUMBIA, S.C. — There will be a new name outside South Carolina’s basketball facility next fall.

University spokesman Russ McKinney says the board of trustees’ executive committee approved changing the Colonial Center to the Colonial Life Arena on Tuesday.

The name change was requested by the company, which is contracted to pay the university $5.5 million over 12 years for naming rights.

The arena opened in 2002 as the Carolina Center. It was changed to Colonial Center a year later.

The building plays host to all South Carolina men’s and women’s home basketball games. It also holds nonsporting events, such as the circus and concerts.

© 2008, The Associated Press. All Rights Reserved.