LEXINGTON, Ky. (LEX 18) — Rupp Arena -- home of the University of Kentucky men's basketball team -- is getting a new, longer name.

The storied sports and entertainment venue now will be known as Rupp Arena at Central Bank Center.

Officials said Central Bank is paying $1.5 million per year for 14 years for the naming rights. The agreement is between the bank, JMI Sports and UK/LCC.

Lexington Center Corporation Board Chairman Bob Elliston made the announcement before a large crowd at the center that included university and city officials, including Mayor Linda Gorton.

Rupp family members Adolph Frederick "Chip" Rupp III and his wife, Cathy, also attended Thursday's event.

Central Bank president Luther Deaton spoke next, praising the Rupp family and the university.

Athletics Director Mitch Barnhart and others also spoke.

Rupp Arena at Central Bank Center is part of the wider footprint managed by the Lexington Center Corporation, a non-profit agency of the Fayette Urban County Government that also includes Central Bank Center, the Lexington Opera House and Triangle Park.