After more than four failed capital campaigns where only 10% of the money was raised, and donors gave the middle finger to the university. They had to get private funding and give up ownership of the building, and all its revenues for a decade.

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Posted by ColtRange

Member since May 2023

539 posts

Posted on 1/18/24 at 9:58 am to Old Sarge

quote:
They had to get private funding and give up ownership of the building, and all its revenues for a decade.

They get all of the sports revenue and a percentage of the non-sports revenue, you already knew that though. Glad you came out of your hole after that pathetic season you miserable pussy

This post was edited on 1/18/24 at 9:59 am

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Posted by Ptins944

Member since Jan 2019

1457 posts

Posted on 1/18/24 at 11:26 am to Old Sarge

quote:
After more than four failed capital campaigns where only 10% of the money was raised, and donors gave the middle finger to the university. They had to get private funding and give up ownership of the building, and all its revenues for a decade.

As usual, Old Sarge's elevator didn't make it all the way to the top.

The University of Texas' Moody Center is a $375 million World Class music venue, that also hosts basketball games. Recognizing the need for a modern sports facility that UT would only use ~ 60 days/year, UT choose to better utilize the land and facility in a manner that was befitting of UT and Austin's reputation for music and live entertainment.

UT owns the land and the arena that was paid for, constructed and managed by UT's partners. It appears a substantial portion of the revenue made its way into UT's coffers.

quote:
Moody Center is a multi-purpose arena on the campus of the The University of Texas at Austin.

UT formed a public-private partnership with Oak View Group, to build a new $375 million arena, replacing the Frank Erwin Center as the home for the Texas Longhorns basketball programs. The new arena is named the Moody Center following the Moody Foundation's grant of $130 million to the UT.

UT owns the arena and the land under building. Oak View Group is funding the construction, and will manage the building in exchange for the right to keep most of the income from non-UT events, such as concerts and shows.

Under the terms of the agreement, the university will have exclusive control of the arena for 60 days each year to hold men's and women's basketball games, graduations, and other events. Oak View Group, along with partners Live Nation and C3 Presents, will have the right to hold events on the other days.

The arena opened to the public in April 2022 with a two-night concert featuring John Mayer, with George Strait and Willie Nelson playing two shows later in the week.

The arena held its first UFC event in June 2022.

The Moody Center has been the home venue of the Professional Bull Riders (PBR)'s Austin Gamblers during the PBR Team Series season held every summer through autumn.

The San Antonio Spurs played two home games at the Moody Center in April 2023, marking the first NBA regular season games to be played in Austin.