WVU Coliseum scoreboard celebrates West Virginia's women's basketball team claiming a share of the Big 12 Conference championship after defeating Kansas during an NCAA college basketball game Tuesday, March 4, 2014, in Morgantown, W.Va. West Virginia won 67-60. (AP Photo/Andrew Ferguson)

West Virginia announced it sold the naming rights of the Coliseum to Hope Gas as part of a 10-year deal. As part of the deal, the arena will now be called Hope Coliseum.

“Hope Gas is a West Virginia based company with West Virginia values and aspirations to make West Virginia an even better place to live and work,” athletic director Wren Baker said in a release. “This partnership is an important step in our department’s growth and stability as new revenue generation is vital to our future. Morgan O’Brien is a visionary leader, and we are proud to partner with him and the entire team at Hope to build on a great athletics tradition and form a winning partnership.”

This is the first name change since the arena was created 55 years ago. Since, the building’s been a multi-use for multiple WVU athletics, including men’s and women’s basketball, gymnastics, volleyball, wrestling and rifle. There are also university events and concerts hosted there as well.

The deal will cover the name, sponsorships and future donations to the school. The deal is part of Baker’s initiative to increase funding, allowing the Mountaineers to compete with some of the bigger schools across the nation. Baker’s already created Gold & Blue Enterprises, which helped finalize the deal.

Hope Gas is a West Virginia company that provides gas to 140,000 residential, industrial, and commercial customers in thirty-nine West Virginia counties.

“As we move into a new era at West Virginia University, what is now the Hope Coliseum — highlighting the University’s strong partnership with Hope Gas — stands as a powerful example of what higher education can accomplish in collaboration with businesses,” WVU President Michael T. Benson said in a statement. “The Hope Coliseum will remain a destination for generations of proud Mountaineer fans and a focal point for the University during times of celebration, including milestones like Commencement, thanks to this investment.”