Built to replace Gregory Gymnasium as the men's and women's basketball teams' home arena, the Special Events Center was completed in 1977 for a total cost of $34 million. The Texas men's basketball team opened the events center on November 29, 1977 with an 83–76 victory over the Oklahoma Sooners. UT undertook extensive renovations of the facility from 2001 to 2003 at a cost of $55 million, adding, among other things, new and renovated seating, new video and sound systems, new lighting, and 28 suites.