The University of Texas at Austin, Oak View Group (OVG), and Live Nation Entertainment announced on December 3, 2019 the official groundbreaking and start of construction on the Moody Center, a new multi-purpose, state-of-the-art privately financed sports and entertainment arena in Austin, the “live music capital of the world.” The new $375 million, 15,000-seat world-class arena replaces the 42-year-old Frank C. Erwin Jr. Center at The University of Texas at Austin campus. In addition to being home to Texas men’s and women’s basketball games, graduations, as well as university, community, high school, and other events for the Austin community, the new venue will be built for music and host the best and biggest names in the music industry on an annual basis, providing a world-class venue for top touring concerts and shows. “This partnership has brought together one of the most recognized universities and brands, the Longhorns, with the world’s leader in content, Live Nation, and the world’s largest developer of new arenas, OVG, with Matthew McConaughey. Those partners will create one of the greatest arenas in the world and become the heart and soul for the campus and Austin” said Oak View Group CEO Tim Leiweke. Live Nation Entertainment, the world’s leading live entertainment company, will work with C3 Presents to bring top tours and premium live events to the Moody Center.