AUSTIN — Along with the approval of a new $338 million basketball arena, the University of Texas Board of Regents also approved a new title for Matthew McConaughey: Minister of Culture.

The Academy Award-winning actor's new role will be to ensure that Longhorn and Austin cultures are at the forefront in the new arena. He'll also work to create "a fan experience unlike any other."

"It’s time to raise the bar," said McConaughey, a 1993 UT Austin graduate. "It’s time to excel, on the court and in the stands. It’s time for an authentic home court advantage for our Longhorn basketball teams. It’s time for a choice experience for our fans. It’s time to be a preferred venue for headliners from across the globe. It’s time for quality, success, and victories for the Longhorns and for Austin. It’s time for the big show. It’s time. Hook ’em.”

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McConaughey played a role in the 35-year agreement between UT and ArenaCo, which also included Oak View Group (OVG), Live Nation and C3 Presents. Live Nation and C3 Presents will work together to continue to bring world-class entertainment to Austin.

“C3’s headquarters are in Austin," said Charles Attal, partner, C3 Presents. "We work here, raise our families here, and as a native Austinite, it is a dream opportunity to have this agreement with UT and work with world-class partners to bring this project to life. We are incredibly excited for the level of experiences and entertainment that this incomparable arena will bring to our great city."

The 10,000 seat arena will be the home to men's and women's basketball games, with the availability to add 5,000 more for touring concerts and shows. The arena will also feature student seating around the court during games.

The university aims to have it all completed by 2021.