Paul Tudor Jones II, a Connecticut businessman and philanthropist, has pledged $20 million to the University of Virginia, his alma mater, to help construct a new basketball arena.

Jones' gift, a 10-year pledge, will put the arena on the fast track, moving it quickly through the final planning stages to groundbreaking.

The announcement, made today by University President John T. Casteen III, comes just four months after an anonymous donor pledged an initial $20 million that allowed the University to proceed with plans for the $125 million, 12,000- to -15,000-seat arena.

For more information on this gift, please see the following release.