The University of Kentucky announced Friday that it will work with IMG College and its affiliated group, International Stadia Group, to develop financing, design, construction and marketing plans for a new baseball stadium and renovations to Commonwealth Stadium.

Part of the agreement also calls for IMG and ISG to pitch ideas for a new downtown basketball arena in conjunction with the Lexington Center Corp.

No deadlines have been set, according to the university.

Last year, representatives from the firms presented a financing and construction plan to UK and Lexington Center officials, who oversee Rupp Arena.