KVUE — A new basketball arena is coming to the University of Texas. The UT System Board of Regents voted on December 20 for the next step forward in building an events arena to replace the Frank C. Erwin Special Events Center. The new arena will host both men's and women's basketball games, graduations, concerts, and other events.

The 35-year agreement between UT and ArenaCo — which includes OVG, Live Nation, C3 Presents, and Matthew McConaughey — is being described by the University of Texas as "groundbreaking" in college athletics, providing a public benefit for both UT and the City of Austin for years to come.

The $338 million venue will be built on land fully owned by the university without using any university or public funds.

Right now, a parking lot sits on the land where the new arena will be built. It will go just south of Mike A. Myers Stadium, the soccer field next to DKR Stadium. Replacing the 41-year-old Frank C. Erwin Center, the change will make room for the future expansion of the Dell Medical School.

The arena will hold about 10,000 people for UT basketball games and 16,000 to 17,000 for other events, counting floor seats.

"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.”

Actor McConaughey will act as the "Minister of Culture" at the new stadium, ensuring that both Longhorn and Austin cultures are front and center and helping facilitate a fan experience unlike any other.

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