Austin school will share in revenue without having to invest in construction

 

Oak View Group will privately develop a new arena for the University of Texas under an innovative agreement that gives the Big 12 school the opportunity to share in revenue without investing upfront on construction.

The UT System Board of Regents approved the deal this afternoon in Austin.

...OVG will run the arena and book special events, including concerts, in a thriving market for live entertainment. The developer’s team includes Austin concert promoter C3 Presents and Live Nation, plus actor Matthew McConaughey, a UT alumnus as well as a huge Texas Longhorns fan and Austin resident. Gensler is designing the arena, and CAA ICON is the owner’s representative.

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