That seems to be the implication in this brief, 4-paragraph article in the Austin Business Journal about the University of Texas System's interest in the tract of land on which Lions sits. I say "seems" because the article is short, with so few details, that it's difficult to be certain that really is the implication.
The four paragraphs concern the Brackenridge tract, a 350-acre parcel of land adjacent to Town Lake west of Downtown. Those 350 acres currently include student housing, a biological field laboratory and leased commercial spaces, plus "a municipal golf course" (that would be Lions).
"The University of Texas System will form a task force to study how land should be used in Austin's Brackenridge tract," the article states, and then continues:
The landlocked, flagship UT campus in Central Austin is extremely limited for future development. University leaders have long pointed to the Brackenridge tract as a prime site for UT's potential growth.
As I said, it seems to be saying that UT might seek to redevelop those 350 acres, which would seem to imply that Lions could be redeveloped away.
If I were an Austin resident, I'd be calling my city council representative to find out what's going on ... and to tell them to tell UT to keep hands-off Lions.