AUSTIN, Texas — Chase bank and insurer Daniels are set to make a new loan of $1.1 billion to the University of Texas-Austin as the NCAA investigates the allegations made by players against them in a series of sexual assault lawsuits, the university announced Monday.
The loan was approved by a state agency, which approved the bank to use for the university.
It was previously the second-largest loan to a university in U.S. history, according to the university, which had a $3.5 billion commitment for construction and renovation projects for the campus.
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The NCAA announced Monday that it is investigating the allegations leveled against the university and four of its athletes, including two of the four men involved in the alleged rapes.
The university said the investigation is ongoing.
The university said it has not been served with any lawsuit.
The announcement came as NCAA commissioner Mark Emmert said the university would have to change its procedures to deal with the allegations against players, and he said he is hopeful that changes will be made.
Emmert made the comments after speaking with NCAA president Mark Emmett, the organization’s chief executive officer.
Emmett said Monday he would have no further comment until the NCAA investigation is completed.
The allegations are similar to those made by a former football player, former UT football player D’Andre Wilson, who was arrested in December and charged with sexual assault.
The UT police department did not immediately respond to a request for comment on Emmerts statement.
A UT spokesman said the NCAA had “unfortunately made the difficult decision” to release the school’s loan to the bank.
In a statement, the bank said it was aware of the allegations and is working with the NCAA to address them.
The statement said the bank has “a fiduciary responsibility to its customers to protect their money.”
Chase bank loan: $1 billion, to UT Austin, from UTSA, to Texas Tribune, April 15, 2019, 4:47 p.m.UTSA athletic director Joe Wickline said the loan is contingent upon UTSA making a commitment to the NCAA.
UTSA also will pay the NCAA’s legal costs and interest, Wickline added.
“We have made that commitment,” Wickline told reporters Monday.
“We’re going to continue to do so.”AUSTIN — AUSTEN — Texas regulators said Monday they are reviewing a loan agreement that Chase and U.T.A. reached with the university for the construction and renovations of its football stadium.
Chase and UTSA have a $1,000,000 loan agreement, according, to documents filed with the U.D.A., an arm of the U,T.U.S., that is investigating how the allegations were made against the school.
The documents said the agreement allows the bank and UTSa to enter into a new credit facility, which is contingent on UTSA “providing financial assurance” to UTSA.
The bank’s loan is capped at $750,000 and covers “all other costs, including legal, insurance and other related costs.”
The documents don’t identify what those costs are.UT’s vice president of athletics, Dan Bynum, said in a statement that “while we are not able to comment on specific negotiations, we are confident that both parties are working diligently to address these allegations and work to ensure UTSA is protected from the potential harm and injury that has been identified.”
Chases and Utsa reached an agreement in November 2019, the documents said.
The agreement allows UTSA to receive $750 million and has an additional $300 million in capital assistance, Bynums statement said.UT said it is in the process of filing a response to the complaint.UT, which opened the stadium in the fall of 2021, was named one of the five institutions to receive the 2019 National Collegiate Athletic Association (NCAA) Coach of the Year Award.