Wofford College announced Monday plans to build the Jerry Richardson Indoor Stadium for the Terriers' basketball and volleyball teams.
Construction of the 3,400-seat arena paid by Richardson, the owner of the NFL's Carolina Panthers, is expected to begin in fall 2015 with anticipated completion in September 2017, the school announced.
The arena will be next to Gibbs Stadium, beyond the scoreboard – currently the location of the intramural field and a parking area.
Wofford men's basketball coach Mike Young said he was told by Richardson that the new arena will be "the finest facility this level has to offer."
Wofford, a private school, was not disclosing the arena's cost.
"The amount of the gift (cost of the stadium) is not being disclosed, but we are very grateful for the generosity of Mr. Richardson," school spokeswoman Laura Corbin said.
Monday's announcement is the third major construction announcement in less than a month.
In October, college leaders announced plans to build a Greek Village to house students in fraternities and sororities.
And earlier that month, Wofford announced that Richardson and his wife, Rosalind, announced an undisclosed gift to build a new 54,500-square-foot arts center at the college. The center will house visual and performing arts and include a 300-seat music hall that will host college and community events. It will be named the Rosalind S. Richardson Center for the Arts and is slated to open in 2017.
The Wofford arena is not the first sports complex named after Richardson.
In North Carolina, he gave $10 million to UNC Charlotte to have its football stadium named after him. That stadium opened last year.
The Panthers hold their annual summer training camp at Wofford, which is Richardson's alma mater. He sits on the Wofford board.