University of Texas unveils plans for massive new $300 million basketball arena

Texas is ready to get back to its dominant ways on the hardwood.

Naturally, that means building a massive new $338 million arena.

The University of Texas announced on Thursday its plans for a new 10,000-seat arena that will play home to its men’s and women’s basketball teams starting in 2021. The new arena, which will replace the Frank Erwin Center, will also double as a concert venue, and can expand to hold 15,000 people for special events. The arena will also come at no cost to both the university and the public as part of the 35-year deal.

Texas is partnering with a group that includes the Oak View Group — which is also behind Seattle’s new arena — Live Nation, C3 Presents and actor and Texas alumnus Matthew McConaughey, who will act as the “Minister of Culture” at the venue.

The Longhorns — who reached the NCAA tournament 14-straight times, had one Final Four appearance and won three Big 12 titles under former coach Rick Barnes from 1998-2015 — have struggled in recent years under Shaka Smart.

Smart has failed to lead Texas past the first round of the NCAA tournament and has finished in the bottom half of the Big 12 standings in the past two seasons, in which he won just 12 combined conference games. They are, though, trending up — and currently have the No. 13 recruiting class in 2019 in the country, according to Rivals.

While a new arena won’t instantly turn the Longhorns back into a basketball powerhouse, it will undoubtedly help Smart on the recruiting trail.

Perhaps that’s the extra boost he needs.

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