May 11, 2009 10:20 PM EST

UCLA's Pauley Pavilion will receive a $185 million renovation, which will modernize the venue that was built in 1965.

The renovation plans, announced Monday, will include a new entrance, locker rooms for both the men's and women's basketball teams and over 1,000 additional seats to bring its capacity to nearly 14,000.

he university has already raised $52.5 million from donors and sponsors.

The remainder of the money will come from annual student fees and external financing.

Via AP