The University of Texas will collapse in the coming months into a new basketball arena that will replace the Erwin Center. The venue will have a capacity of 15,000 and will host basketball games, diplomas and concerts at UT for years to come.
And today he has a name.
UT announced Saturday that the arena will be named the Moody Center in honor of a $ 130 million gift from the Moody Foundation, a Galveston-based charity that is also the namesake of UT & # 39; s Moody College of Communications.
"There is no more appropriate Texas name for a world-class arena in the heart of our campus than Moody," said US President Gregory L. Fenves.
This is the largest gift the foundation has ever given to an organization and is one of the largest gifts to the United States.
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"We're lucky to have the name of both buildings," Ross said Moody, Trustee Foundation and UT Graduate. "It's a good idea to have a Texas family at Texas University who is committed to the interests of the University of Texas."
The arena is being developed on UT-owned land south of the Mike A. Myers football and runway stadium by the team at the university and the private sector called Arena Co., which will be overseen by the Los Angeles-based Oak View Group and include actor turned UT Professor Matthew McConaughey as minister of culture for the arena.
The partnership is an innovative financing approach that will not cost taxpayers anything, UT said. ArenaCo will invest $ 338 million to build and operate the site. Once construction is complete, UT will own and control the arena for about 60 days a year for men's and women's basketball games, diplomas and other school-related functions.
All other days Oak View Group will manage the place. , concerts and other attractions in Austin. The private company will collect all the revenue generated by the arena for 10 years, after which the university will be cut.
The treaty is still under negotiation, Fenves said to the US president and is expected to be finalized by the end of the year. A recent donation of $ 130 million may affect how much revenue the university receives from the arena and how soon it receives it.
"We are deeply grateful to the Moody Foundation for this gift," Fenves said. "Their vision and generosity will help us create one of the best college arenas in the country with a much more exciting environment for our basketball players and fans, and at the same time, it will be a first-class concert and event for the Austin community. "
UT athletic director Chris Del Conte said he had" considerable interest "in activating the facility's naming rights, but the university wants someone who is known in Texas and already has strong experience in Austin.
The Moody Foundation has donated to health care, nature conservation and community organizations so far this year, the foundation has donated $ 20 million to the Blanton Museum of Art, $ 266,500 to the Austin Community Foundation for the capital, and $ 100,000 to the YMCA of Great Austin.
"They are a longtime Texas family; they are here forever," Del Conte said for the Moody family. "Their incredible gift to this institution is incredible and I think it's the perfect place to meet thousands and thousands of fans on this stage where they will have a chance to understand who they are and to leave a living legacy."
sees it as an opportunity to invest in something that benefits his alma mater as well as a city like this lo.
"I love basketball, but it's not just about basketball," Moody tells a state man. "The multifunctional nature of this building is what interests us most. UT is fantastic – we love UT, but the city of Austin will also have access to it. ”
The university expects to break through the project in the next few months, with a completion date set for 2022. The Erwin Center will be broken down to make way for the expansion of the nearby Dell Medical School. Staff Writer Brian Davis contributed to this report.