Texas regents approve deal for new campus basketball arena

AUSTIN, Texas (AP) — University of Texas regents on Thursday approved a plan to build a $300 million on-campus basketball arena to replace the 41-year-old Frank Erwin Center.

Plans call for the facility to be built across the street from the football stadium. Seating for basketball games would be capped at about 10,000 with space for 5,000 more for concerts and other events.

The project pairs the university with Los Angeles-based Oak View Group in a lease arrangement. Oak View will build and manage the arena and provide about 60 days annually for men’s and women’s basketball games and other events. The building will not include practice facilities for the basketball programs.

Texas needs the new arena because the Erwin Center is slated to be demolished to make room for the expanding medical school.

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The official announcement also said actor and Texas graduate Matthew McConaughey would be the arena’s “Minister of Culture.”

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