Originally Posted by WMR
Anyone else following this story?
Amazing how you get a good deal when you negotiate against yourself.
Once they come to the state of Kentucky with their hand out to pay for this boondoggle, they had better make them renegotiate this lease.
Anyone else following the catastrophe of the YUM! Center? Basically UofL boosters on the state fair board who negotiated a lease that is absolutely BANKRUPTING the arena. Priority scheduling for women's bball and VOLLEYBALL... can't have events the day of or before or after for ANY of these events. Modern day fraud.
Guess who gets to buy the arena if it goes bankrupt? I'll give you one guess.
Bankrupt an arena and then buy it for fifty cents on the dollar... AT BEST.
The problem is not the arena itself but the economic impact of the arena. Tax revenue from the surrounding restaurants was far over estimated.
Kentucky fans love to bash UofL on this but they're supplying well attended events. They wanted an on-campus arena but the city wanted it downtown and gave a very favorable deal to get them to agree.
Edit: They also didn't anticipate the depth of this recession.