Longhorns Unveil Texas-Sized Basketball Arena

On Tuesday, officials cut the ribbon on the new $338 million arena for the University of Texas Longhorns men’s and women’s basketball teams — the latest multimillion-dollar college sports venue.

The Moody Center was funded by a $130 million donation from the Moody Foundation, as well as the Oak View Group, Matthew McConaughey, and Live Nation/CE Presents.

The Austin, Texas, venue replaces the Frank Erwin Center, which was 45 years old.

• The arena can seat about 15,000, and is 530,000 square feet. 
• It will host concerts as well as college basketball games and already has an impressive lineup featuring the likes of Justin Bieber, Bon Jovi, John Mayer, and others.

While the official opening will take place April 29-30, events commence this week.

At a kickoff celebration on Tuesday, a joyous McConaughey — who is a Texas alum and was decked out in a burnt orange suit — pointed at the venue behind him and said, “It’s time to bless the Mood.” 

Expensive Trend

The Moody Center is one of several new expensive venues that will either open or is being built this year.

Across the country, about $1.4 billion will be spent on college sports venues finishing construction this year, according to Sports Business Journal. About $1.87 billion are going toward projects still underway.