Wake Forest University says it has completed its purchase of Joel Coliseum from the city of Winston-Salem.
The school announced its purchase Thursday. City Manager Lee Garrity told The Associated Press that the price was $8 million and that the school has committed to spend $10 million in capital improvements.
City Council approved the sale in May.
Wake Forest owns the 15,000-seat arena and the 33 surrounding acres.
Athletic director Ron Wellman says the school plans improvements to the venue's infrastructure and says "we are determined to make it an even greater asset for our community."