Pretty much.
The one thing that does concern me is the idea of "privity of contract." That is, I don't know of the mechanism by which the boosters would have the ability to enter into a contract on behalf of the University. A little detail like that concerns me because it would be like me, as an Alumnus, trying to create a binding agreement between the University and someone as I am not an official party of the school and therefore have no ability to bind it to a contract.
That is where this MOU conversation gets a little far fetched for me, unless it was done officially through the University.
I think it is far more likely that a verbal agreement was reached knowing that the University would back it when the time came to pull the proverbial trigger.