TCU Athletics announced Tuesday that the new basketball arena will be named after Ed and Rae Schollmaier after their $10 million donation to the project.

Chris Del Conte, TCU’s director of intercollegiate athletics, made the announcement at a press conference Tuesday. He added that the Daniel-Meyer name will remain around the building, as the entire facility will be called the Daniel-Meyer Athletic Complex.

Ed Schollmaier, an alum of the University of Cincinnati, served as both the CEO and president of Alcon Laboratories in Fort Worth and is currently a member of the Board of Trustees.

“I hope the city of Fort Worth adopts TCU basketball the same way it’s adopted TCU football,” Schollmaier said at the press conference. “I encourage all of you here to get on the wagon this year and come to some basketball games in the new arena.”

Del Conte, who compared the old arena to a tin can, said he no longer expects the basketball programs’ facilities to hold the men’s and women’s teams back.

“We met with Ed and Rae Schollmaier and they said, ‘We’re going to provide you with this lead gift to make this dream a reality.’ No longer will a coach or student-athlete come to TCU and say we cannot win because we don’t have the proper facilities,” Del Conte said.

Del Conte said the arena is still scheduled to open as planned on Nov. 13, despite heavy rains earlier in the summer that threatened to push back the completion date.

New features of the new arena were announced, including a TCU athletics hall of fame near the main concourse and a courtside club lounge that will be used for hospitality and recruiting. There will also be more restrooms, public entries and wider concourses in the new facility, according to Del Conte.

TCU athletes are also looking forward to playing in the new facility.

“If I had to point one thing out, it would probably be the fan count and having the fans closer to the game.” TCU center Karviar Shepherd said. “Because you want to have everyone closer so they can enjoy it.”