U of L Board of Trustees approves university lease agreement with KFC Yum! Center

07/20/2017 03:01 PM

In Thursday’s University of Louisville Board of Trustees meeting, the members approved changes to the school’s lease agreement with the KFC Yum! Center. The university agrees to pay $2.4 million more per year toward the arena debt, and will also cede control of future dates.

Seven Louisville trustees voted in agreement to the new deal, two voted against, and four members abstained from the vote.

In a separate meeting, the Louisville Arena Authority also agreed to the new lease. The final step in this process is the approval from the Louisville Metro Council.

There has been some opposition to the decision in the Louisville athletic department. U of L VP and Director of Athletic Tom Jurich was overtly concerned with the new lease, stating that U of L will be paying far more to use the arena compared to the University of Kentucky’s lease with Rupp Arena. When asked what he would do with the Yum! center by board member, John Schnatter, Jurich replied that he would consider selling it.

Louisville could have paid even more in the agreement, but instead took actions to lower the cost like moving the volleyball team from the Yum! Center to Cardinal Arena on U of L’s campus. That is also part of the University ceding dates to the arena management. Louisville will lose control of dates in the month of October that the arena staff is able to fill those how it sees fit.

There will also be additional surcharges of $8.00 on men’s basketball ticket prices, with $2 per ticket going to the Arena Authority.

Spectrum News’ Lyndsey Gough was at the two UofL meetings today and asked UofL Interim President Dr. Greg Postel about the new agreement:

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