Update: Fenves removes Perrin's interim tag

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Editor's note: This story has been updated throughout.

Update (2:32 p.m.): Mike Perrin has been named the men’s athletic director through 2017-2018, UT President Greg Fenves said.  

The Austin American-Statesman reported a high-ranking UT source confirmed to them late Wednesday night that Fenves would extend Perrin’s contract as athletic director by two years. Horns247 first reported Wednesday that Fenves was “strongly considering” extening Perrin’s contract. 

Thursday, the University sealed the deal. Fenves said he's confident Perrin will bring "positive change and pride" to the athletics department. 

“His experiences as a student-athlete and a successful lawyer and businessman have given him unique insight that complements his strong leadership,”  Fenves said. “I am confident Mike will continue bringing positive change and pride to our Men’s Athletics Department.”

Perrin was hired in September as the interim athletic director after Steve Patterson and Texas parted ways. Fenves initially hired Perrin to a one-year contract worth $750,000 following Patterson’s resignation after 22 months as AD.

Perrin lettered as a linebacker under legendary Texas coach Darrell K Royal in the 1960s. Prior to his interim appointment, he practiced law in Houston. He joined women's AD Chris Plonsky to close a record-breaking $250 million deal with Nike in October.

“I am excited to continue the work I’ve begun over the past three months in moving Texas Sports forward, and I thank President Fenves for this opportunity,” Perrin said. “I am already working closely with coaches in all sports to provide the support they need to win on the field and prepare their students for life off the field. And I have been humbled and overwhelmed by the backing I’ve received from alumni, faculty and fans.”

Additional reporting by Akshay Mirchandani