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EUGENE, Ore. (AP) — The University of Oregon will replace historic Hayward Field with a new track and field stadium to open in 2020.

Oregon unveiled plans Tuesday for the privately-financed venue, which will host the 2021 world championships. It will seat 12,900 but will be expandable to accommodate 30,000 spectators.

The new Hayward Field is being funded by gifts from Nike-co-founder Phil Knight and his wife Penny, along with 50 other donors. It will include laboratory and classroom facilities for Oregon's human physiology department.

Built in 1919, has Hayward Field has hosted seven U.S. Track and Field championships and six Olympic trials, as well as the annual Prefontaine Classic on the Diamond League schedule. The 2014 world junior championships were also held at the track, one of the most well-known in the sport.

The stadium's stands were also featured in the 1978 movie "Animal House."

It's expected that more than 2,000 athletes from 214 countries will take part in the world championships, which were awarded to Eugene in 2015. The event is scheduled for Aug. 6-15, 2021.