The University of Texas has agreed to a unique deal with Oak View Group to build a new on-campus arena at zero cost to the university.
The venue will sit on 6.64 acres of land that, through a lease agreement, will be turned over to OVG, who will then build and manage the facility, as well as keep the revenues generated in the first ten years. UT will own the building and share in the revenues generated after those ten years.
OVG will provide the university with 60 dates annually for men’s and women’s basketball games, graduation ceremonies, and various other university activities. OVG will bring concerts and other events to the arena on other dates. The arena will sit 10,000 fans for basketball games with the ability to reconfigure up to 17,000 seats for major concerts.