The university will lease the new arena as the centerpiece of a billion-dollar development that includes a venue for major entertainment and sporting events as well as retail shops, restaurants, bars, offices, a hotel, and housing for thousands.

Wednesday morning, a coalition called Team Norman unveiled a new plan that would represent a collaboration of The Norman Economic Development Coalition (NEDC), the University of Oklahoma, the City of Norman, Cleveland County, the Norman Chamber, VisitNorman and the Norman business community to create a proposal.

Approximately 80% of the plan’s $1 billion cost would be paid through private investment. The remaining 20% would be paid through public sources. None of the funds would come from the city or county general funds.

In addition to Sooner basketball, the new venue would host OU's gymnastics competitions.

All renderings are conceptual as a final design is yet to be determined.