AUSTIN, Texas, Dec. 20, 2018 /PRNewswire/ -- The
University of Texas at Austin (UT) and
a group led by the Oak View Group (OVG) will build a world-class
arena on campus that will be home to Texas Men's and Women's
basketball games, graduations, concerts and other events. It is
expected to be opened in 2021.
The innovative 35-year agreement between UT and ArenaCo — which
includes OVG, Live Nation (NYSE: LYV), C3 Presents and Matthew McConaughey — will be groundbreaking in
college athletics and provide a public benefit for UT and the
City of Austin for decades to
come. The $338 million venue will be
constructed on land fully owned by UT without using any university
or public money.
The arena will be located on a current parking lot south of Mike
A. Myers Stadium. It will replace the 41-year-old Frank C. Erwin
Center, which will make way for the future expansion of the Dell
Medical School. UT may be responsible for certain infrastructure
improvements near the site to make it ready for construction.
"UT's historic agreement with this highly regarded company will
result in a modern arena on campus for our students, alumni,
supporters and the Austin
community," said UT Austin President Gregory L. Fenves. "The arena will provide for
an unforgettable UT basketball experience and represent the best of
our university."
The 10,000-seat arena will provide an intimate, state-of-the-art
men's and women's Longhorn basketball fan experience and feature
student seating surrounding the court. Much like how the Erwin
Center currently operates, the new venue will be a prime location
for university, campus, community and high school events.
Additionally, the new arena is designed to expand to 15,000 seats
and will provide a world-class venue for touring concerts and
shows.
"This is a truly wonderful opportunity for The University of Texas, our basketball programs and
the City of Austin," said UT Vice
President and Athletics Director Chris Del
Conte. "We're building one of the nation's finest arenas
that will provide an awesome home court advantage for our men's and
women's basketball programs. The 10,000-seat facility will bring
our fans and students close to the action and provide an exciting
and engaging game day experience. On top of that, it will have the
capacity to expand to 15,000 when needed and be a big-time concert
venue that draws premier performers to our great city."
"There are very few brands as dominant and as well-known as The
University of Texas and Longhorns, and
there are very few cities that are growing at the speed of
Austin. This is a rare opportunity
to be partners with one of the greatest academic institutions in
the world, UT, and to be building a world-class arena for one of
the world's great emerging markets, Austin. We are grateful to President Fenves
and Vice President and Athletics Director Del Conte and look forward to creating one of
the best arenas in all of the world, for Austin and The University
of Texas," said Tim Leiweke,
chief executive officer of OVG.
C3 Presents and Live Nation will bring first-class entertainment
to the arena. "C3's headquarters are in Austin. We work here, raise our families here,
and as a native Austinite, it is a dream opportunity to have this
agreement with UT and work with world-class partners to bring this
project to life. We are incredibly excited for the level of
experiences and entertainment that this incomparable arena will
bring to our great city," said Charles
Attal, partner, C3 Presents.
Austin-based Academy Award
winner Matthew McConaughey will act
as the "Minister of Culture" at the venue, ensuring that Longhorn
and Austin cultures are front and
center and helping create a fan experience unlike any other.
"It's time to raise the bar. It's time to excel, on the court
and in the stands. It's time for an authentic home court advantage
for our Longhorn basketball teams. It's time for a choice
experience for our fans. It's time to be a preferred venue for
headliners from across the globe. It's time for quality, success,
and victories for the Longhorns and for Austin. It's time for the big show. It's time.
Hook 'em," said McConaughey, a 1993 UT Austin graduate.
The UT System Board of Regents on Thursday authorized UT
Austin to complete negotiations
and enter into agreement with OVG and its partners.
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SOURCE Live Nation