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In 1996, plans were made to construct the stadium in response to the need to expand Darrell K. Royal-Texas Memorial Stadium and convert it to a football-specific facility, the desire to move track and field events to a venue that was more fan and athlete friendly, and the need to construct an appropriate on-campus facility to house the varsity soccer program begun in 1994.
Construction began in 1997, and the stadium was opened in March 1999, just in time to host the Texas Relays.
The stadium is named for Mike Myers, a residential community developer who lives in Dallas, who is also a graduate of UT's law and business schools, in recognition of his $ 3 million donation to finance construction.
The opening of the stadium now meant that track and field events could take place in the same venue ; previously, field events had been conducted at nearby Clark Field out of concern for the condition of the football stadium's turf.

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