ɪn fˈɛbɹuːˌɛɹi tˈuː θˈaʊzənd sˈɛvən, ʃᵻkˈɑːɡoʊbˈeɪst bˈɪznəsmən ɹˈɪtʃɚd tʃˈeɪfɛts, sˌiːˌiːˈoʊ ʌv kˈɑːm sˈaɪk kˌɔːɹpɚɹˈeɪʃən ænd nˈaɪntiːnhˈʌndɹɪd sˈɛvənti fˈaɪv ɡɹˈædʒuːət ʌv ˌɛsˌɛljˈuː, mˌeɪd ɐ dˈɑːlɚ twˈɛlv mˈɪliən doʊnˈeɪʃən tə ðə jˌuːnɪvˈɜːsᵻɾi, wˌɪtʃ nˈeɪmd ðɪ ɚɹˈiːnə ɪn hɪz ˈɑːnɚ.
In February 2007, Chicago-based businessman Richard Chaifetz, CEO of ComPsych Corporation and 1975 graduate of SLU, made a $12 million donation to the university, which named the arena in his honor.