The renovation of Gallagher Hall was completed on schedule and the general reaction from athletic patrons was very favorable.

Although the building had been named in honor of famed wrestling coach Edward C. Gallagher back in 1938, there was strong sentiment among alumni and other friends of the university to give equal honor and recognition to Henry Iba because of the national honors his basketball teams won on the same floor.

The Board of Regents approved renaming the building , which was officially rededicated as Gallagher-Iba Arena at a pre-game ceremony on February 28, 1988.