Music mogul David Geffen is set to have a concert hall named after him at New York's Lincoln Center for the Performing Arts after handing over a $100 million (£62.5 million) donation.

Lincoln Center Chair Katherine Farley reveals Avery Fisher Hall, where the New York Philharmonic plays, will be renamed David Geffen Hall in September (15).

The news emerges four months after venue executives announced plans to resell the naming rights of the art space to help cover the costs of a $500 million (£312.5 million) renovation, planned for 2019.

Geffen says, "As a native New Yorker, I recognise that Lincoln Center is a beacon to artists and musicians around the world. To be involved with such a beloved and iconic institution is deeply satisfying."

Avery Fisher Hall was named after the violinist and radio pioneer, who financed a previous renovation in 1973. He died in 1994.