The Villanova University Board of Trustees announced plans Tuesday for a $60 million makeover for the Pavilion, the arena for the school's basketball teams.

The renovation of the 31-year-old building will be funded entirely by donors and begin in June 2017. When it reopens, the facility will be known as the Finneran Pavilion.

"With the renovation and opening of the Finneran Pavilion, Villanova will have an on-campus home that embraces the incredible tradition of our University and its basketball programs,"  men's basketball coach Jay Wright said in a statement. "The Finneran Pavilion will be a gathering place in which the Nova Nation can take great pride, and its impact will be felt on our program for years to come."

Several elements, including season ticketing options, the final design and the full schedule for the 2017-18 season yet to be finalized. The men's team home games will likely be played in Philadelphia at the Wells Fargo Center and the women's home games will be held on campus in the Jake Nevin Field House until the reopening, according to the statement.

Villanova Athletics has created a dedicated website for the project, which has an overview of the renovation and a conceptual rendering.