AUSTIN, Texas (AP) -- The University of Texas will receive a $130 million grant for its new on-campus basketball arena, which will replace the 42-year-old Frank Erwin Center when it opens in 2022.
The school announced the grant Saturday.
The donation comes from the Moody Foundation, which has previously donated $50 million to the school's Moody College of Communication and $20 million for the campus Blanton Museum of Art. The new basketball arena will be named the Moody Center.
The Erwin Center will be demolished to make way for expanding the university medical school facilities.
University regents in December 2018 approved a $300 million plan for a new basketball and events arena. Initial plans called for seating at basketball games to be capped at about 10,000 with space for 5,000 more seats for concerts and other events.
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