The Univ. of Texas' new basketball arena "will be called the Moody Center" in honor of a $130M gift from the Moody Foundation, according to Lara Korte of the AUSTIN AMERICAN-STATESMAN. The new venue will "feature a capacity of 15,000 and will host basketball games, graduations and concerts at UT for years to come." The $130M gift is the "largest gift the foundation has ever given to an organization and represents one of the largest gifts to UT." The new arena is being "developed on UT-owned land" by the school and private-sector team called Arena Co., which will be led by Oak View Group. Arena Co. will put up $338M to "build and operate the venue." After construction is complete, UT will "own the arena and have control of it for about 60 days a year for men's and women's basketball games, graduations and other school-related functions." All other days, OVG will "run the venue, bringing concerts and other attractions to Austin." UT AD Chris Del Conte said that there was "'significant interest' in snagging the naming rights of the facility, but the university wanted someone who is known throughout Texas and already has a strong track record in Austin." The Moody Center is "expected to open" in '22 (AUSTIN AMERICAN-STATESMAN, 11/10).
