Looks like they never really had the money to build a new arena, and are basically canceling building one.Marty Wilson has recruited on the promise that a new arena was coming (look at his twitter - https://twitter.com/MartyWilson4?ref...Ctwgr%5Eauthor ). The school aggressively did all the fundraising, focused mainly on the promise of a new arena. Now is keeping the money for campus projects and paying bills instead of doing the arena project. Seems very short sighted.The Pepperdine fans are reacting like the whole arena thing was a big fraud (used to get general fundraising done), and are angry.