Originally Posted by joshnky
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.
Oh yeah, UL really got their arm twisted in the deal.
Another ridiculous argument by those trying to prop up this corruption.