Texas Longhorns: Watch: Matthew McConaughey gives speech at Moody Center groundbreaking

Chris Dukes

The University of Texas rolled out the red carpet, bringing in university officials, distinguished guests from the City of Austin and even celebrities like Matthew McConaughey to celebrate the groundbreaking of the Moody Center. 

The multi-purpose arena will replace the Erwin Center as the home of the University of Texas volleyball, and basketball teams as well as serve as an entertainment arena for major shows in the Austin area. 

The $338 million facility got its name after a $130 million grant from the Moody Foundation last month, the largest gift of its kind in the history of the University of Texas. 

The new structure will be built south of the track facility where the current parking lot resides. 

The new arena will cut down on seating, going from the current 17,000-seat capacity to around 10,000 for UT basketball and volleyball games, but will still be able to accommodate 15,000 for major events. 

It is being constructed in partnership with a group called ArenaCo—which is comprised of sports venue company Oak View Group, Live Nation and C3 Presents and Matthew McConaughey.

McConaughey is the University's Minister of Culture and a major Longhorn sports enthusiast. 

The 2014 winner of Best Actor at the Academy Awards' speech starts at 16:09 if you want to skip ahead, or just watch the entire thing to see Texas women's basketball coach Karen Aston, Texas men's basketball coach Shaka Smart, athletic director Chris Del Conte and several other big names in both administration and Austin government give their speeches.