The arena, which replaced the Frank Erwin Center, stands on a former parking lot located immediately south of UT's soccer/track and field venue, Mike A. Myers Stadium.

Oak View Group funded the construction, and manages the building in exchange for the right to keep most of the income from non-UT events, such as concerts and shows, for at least the first 35 years after opening.

Under the terms of the agreement, the university will have exclusive control of the arena for 60 days each year to hold men's and women's basketball games, graduations, and other events.

[12] Harry Styles performed a six-show residency at the arena in September and October 2022, the most shows ever by a single artist, as part of his Love On Tour.

[14] The Texas Longhorns men's basketball team held their home opener November 7, 2022 at the Moody Center against the UTEP Miners.