No News is Bad News. Join the SA Current Press Club.

Friday, December 21, 2018

UT-Austin Reaches Deal for New $338 Million Basketball Arena

Posted By on Fri, Dec 21, 2018 at 2:27 PM

click to enlarge THE UNIVERSITY OF TEXAS
  • The University of Texas
This article was originally published by the Texas Tribune.

The University of Texas System Board of Regents on Thursday unanimously voted to authorize its flagship university in Austin to arrange for a private group to construct and manage a new $338 million on-campus basketball arena.



The California-based Oak View Group will build the 10,000-seat venue and then convey it back to the university, school officials said. In return, the group will manage the venue, sell its naming rights and collect revenue from concerts and other events. Revenue from managing the stadium will allow the company to recoup its cost, officials said.

The venue is scheduled to open in 2021. The Oak View Group will reserve a specific number of dates for University of Texas at Austin basketball games and other events.

The arrangement — set to last for 35 years — means the university will get a new arena without having to spend any of its own money, school officials said. UT-Austin President Greg Fenves touted it as a first-of-its-kind deal.

"This is a very exciting day for the University of Texas," he said.

Once completed, the arena is expected to replace the university's 41-year-old Frank Erwin Center as the venue for basketball games, and outside events, like concerts, brought in by the corporation.

Tags: , , , , , , ,

San Antonio Current works for you, and your support is essential.

Our small but mighty local team works tirelessly to bring you high-quality, uncensored news and cultural coverage of San Antonio and beyond.

Unlike many newspapers, ours is free – and we'd like to keep it that way, because we believe, now more than ever, everyone deserves access to accurate, independent coverage of their community.

Whether it's a one-time acknowledgement of this article or an ongoing pledge, your support helps keep San Antonio's true free press free.

More by Matthew Watkins, The Texas Tribune

Read the Digital Print Issue

October 21, 2020

View more issues

Newsletters

Never miss a beat

Sign Up Now

Subscribe now to get the latest news delivered right to your inbox.

Calendar

© 2020 San Antonio Current

Website powered by Foundation