ORONO — A plan to renovate the field house and a gym at the University of Maine is getting a big boost courtesy of a $5 million donation from the Boston-based athletic products company New Balance.

In return for the $5 million gift, the field house will be renamed the “New Balance Field House” and the student recreation and fitness center will be known as the “New Balance Student Recreation and Fitness Center.”

The Bangor Daily News it’s the largest corporate gift in school history.

The deal was approved Monday by the trustees of the University of Maine System.

The school has a year to raise $2 million as part of a matching grant. The entire project is expected to cost $19 million.

New Balance has three manufacturing facilities in Maine.