It’s official: The Saint Louis University arena will be named the Chaifetz Arena.

SLU announced on Wednesday that the naming rights will go to Dr. Richard A. Chaifetz, who recently gifted the University $12 million. The 10,600 seat multipurpose arena is slated to open in March 2008.

President Lawrence Biondi, S.J., emphasized the importance of the gift: “We are not using tuition dollars to pay for this facility . We needed donors to step forward.”

Chaifetz, who graduated magna cum laude from SLU in 1975, is a licensed neuropsychologist and the founder, chairman and CEO of ComPsych Corporation, the world’s largest provider of employee assistance programs.

“We take special pride because he is an extremely successful alumnus who cares deeply about his alma mater and future generations of SLU students,” Biondi said.

Chaifetz said that he credits former SLU President Paul Reinert, S.J., for helping him stay at SLU. In 1971, he was told he had to leave the University because his tuition had not been paid.

“I explained to him [Father Reinert] that I didn’t have the money to pay my tuition,” Chaifetz said. “I told him if he would allow me to stay . I’d pay the University back.”

Biondi presented Chaifetz, his wife Jill and their two children with personalized Billiken jerseys.

“As a student here, I attended all the athletic events because I didn’t have anything else to do,” Chaifetz said.

Some controversy has surrounded the arena’s funding. One reporter asked Biondi at the press conference about the suit, to which he replied, “No conflict . Everybody knows there’s no conflict except one or two reporters.”

Tom Keefe, vice president of development and University relations, reminded the crowd that the arena money race is not over.

“We still have some money to raise . The arena is going up, it will be done on time and it will be a credit to the University.”

“$10 million,” said Biondi, to the receptive crowd.