The Taxpayer Fraud in regards to the Yum! Center

[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.

[Captain13]

Do you have a link? It seems the Yum! should be making money with all the events there. If it is not, it is probably poor management more than scheduling issues. Volleyball is a joke, but UofL women's basketball is one of the most highly attended in the nation and last year averaged 10,000 fans http://ukbasketball.bloginky.com/201...ll-attendance/

[joshnky]

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.

[wolfboy]

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.

TIF financing can be bad news for municipalities in this environment. The YUM Center is a shining example.

[WMR]

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.

[WMR]

Look at S&P downgrading this to a junk bond. Another Turtleneck Tom special.

[Captain13]

At first I thought we may have an intelligent conversation about the pros and cons of The KFC YUM! Center and it's deal with the University of Louisville, but it has become apparent that this is a case of Blue Envy, where a UK fan is jealous that Louisville (the city and the university) got the shiny new arena and Lexington did not. Rather it's the basketball team, ESPN covering the volleyball finals, or the litany of great concert acts (or all three), Lexington appears to be jealous of Louisville once again.

[WMR]

Originally Posted by Captain13

At first I thought we may have an intelligent conversation about the pros and cons of The KFC YUM! Center and it's deal with the University of Louisville, but it has become apparent that this is a case of Blue Envy, where a UK fan is jealous that Louisville (the city and the university) got the shiny new arena and Lexington did not. Rather it's the basketball team, ESPN covering the volleyball finals, or the litany of great concert acts (or all three), Lexington appears to be jealous of Louisville once again.

Biggest misconception of all-time by UL fans...

That UK fans are actually envious of their arena.

I care about hanging banners, not building albatrosses that will require the state bailing out my school.

You know UL went bankrupt right? Tom Jurich spending like a drunken sailor while the Kentucky taxpayer foots the bill. He's good at that. Just look at Strong's ridiculous, unearned contract.

1986.... Soooooooooooo jealous.

[Caveat Emperor]

Saw a Dave Matthews concert there last week -- the place is a palace.

That's my only real addition to this thread.

[Captain13]

UofL does not own the building downtown, and the state that you say will have to foot the bill is completely funded by the city of Louisville. Also the Louisville Athletic Department operates completely in the black and gives money to the university at the end of every school year. Tom Jurich is easily a top 10 athletic director, if not the best in the nation. As far a on court success, I cannot deny the Cats have been better. But Louisville fans also watch football, women's basketball, volleyball and baseball among other sports. But I digress.

I thought this was about the KFC YUM! Center which has hosted Dave Matthews, Roger Waters, The Eagles, Elton John, Nickelback, Taylor Swift, Katy Perry, Michael Buble, Justin Beiber, Dinsey on Ice, NCAA Volleyball National Final Four, Eric Church and many other events in the past two plus years.

[paintmered]

I don't know the details of the financial arrangement or the funding. But what I've heard has striking resemblance to Mike Brown and Paul Brown Stadium.

Edit: It's an impressive facility. Fifth Third Arena is like Motel 6 compared to the Yum Center Rtiz-Carlton.

[wolfboy]

Originally Posted by paintmered

I don't know the details of the financial arrangement or the funding. But what I've heard has striking resemblance to Mike Brown and Paul Brown Stadium.

Ditto.

[Boston Red]

It's about time Louisville was on the receiving end of the Frankfort largesse instead of funding the rest of the state. The crocodile tears coming from the UK fanbase are delicious.

[New York Red]

Originally Posted by Captain13

At first I thought we may have an intelligent conversation about the pros and cons of The KFC YUM! Center and it's deal with the University of Louisville, but it has become apparent that this is a case of Blue Envy, where a UK fan is jealous that Louisville (the city and the university) got the shiny new arena and Lexington did not. Rather it's the basketball team, ESPN covering the volleyball finals, or the litany of great concert acts (or all three), Lexington appears to be jealous of Louisville once again.

That's a stupid argument. There are a whole lot of Louisville people who are disgusted by the situation as well. This isn't a UK vs UofL debate, or a Lexington vs Louisville debate. How can you live in Louisville and be happy about that arena going bankrupt so quickly? You really see that as a good thing? You really think anyone cares about the volleyball finals? As for the concerts, they could be scheduling three or four times as many concerts a year if not for the ridiculous deal they agreed to. Even the UofL fans I personally know think the whole situation is completely screwed up.

[Joseph]

My wife works for the City of Louisville. There are issues sure, but the talk of demise and bankruptcy are greatly exaggerated.