The Taxpayer Fraud in regards to the Yum! Center

[dabvu2498]

People thought the construction of Rupp Arena was a huge boondoggle 38 years ago.

[Boston Red]

Originally Posted by dabvu2498

People thought the construction of Rupp Arena was a huge boondoggle 38 years ago.

I'm sure they did. And I'm still trying to find the details on the Commonwealth family's naming rights deal for the football stadium.

[WMR]

Originally Posted by dabvu2498

People thought the construction of Rupp Arena was a huge boondoggle 38 years ago.

I really like the city of Louisville. Love it, really.

That UL hasn't come to the city already and offered to renegotiate the lease is shameful.

Was Rupp ever in danger of going bankrupt? I wasn't alive, but I'm guessing no. And if it had been, the deal would have been re-examined to prevent that from happening. The YUM! Center and the "deal" made with UL never made sense, and now the chickens are coming home to roost. Something is going to have to change, because as things are going now it WILL go bankrupt.

[WMR]

Originally Posted by Boston Red

I'm sure they did. And I'm still trying to find the details on the Commonwealth family's naming rights deal for the football stadium.

If you can provide the actual details as to how Commonwealth was financed and paid for, I would love to read it.

I know that UK has paid for every renovation that they have had done there and will have to pay for the rumored 75 million dollar renovation on their own as well. And they will, and it will make financial sense when/if it happens.

[WMR]

Want to get sick to your stomach? This several month-long financial analysis of the YUM! Center was released yesterday...

http://www.thevillevoice.com/wp-cont...renareport.pdf

Now, keep trying to say that this is just Wily Mo being mean to UL fans...

FRAUD.

[5TimeWSChamps]

Gawd I love WMR.
Total smackdown

So glad I don't live in downtown Louisville anymore so I don't have to pay this

[Boston Red]

I haven't read the whole report, but I suspect that if it is really as bad a deal as it is being made out to be, then the creditors will force it into bankruptcy. And if the deal sucks as bad as is stated, UofL will not want to exercise the right of first refusal to step into the current owners' shoes. So everyone takes a haircut, the lease gets reformed by a bankruptcy court, and the earth continues to spin.

And the city of Louisville will be, on the whole, better off for the YUM Center existing. And the state of Kentucky as a whole will have stolen slightly less from the city of Louisville than the way things currently stand (though I am sure they will make up for it very quickly).

[WMR]

So UL will agree to run the place to turn a profit once it has been driven into bankruptcy under the current agreement? You don't see an inherent problem in that?

Do you deny that the deal was fraudulently negotiated?

[Boston Red]

I think it may have been poorly negotiated. Fraudulenty? Probably not. Too much sunshine for me to think that. Nothing about those negotiations was really a secret at the time. Who was Goldman representing? It seems like they may have done a pretty lousy job (or maybe they just did a brilliant job marketing the bonds).

And I never said UofL would agree to run the place at all. But a bankruptcy court might force them to reform the lease if it really is a problem.

[5TimeWSChamps]

Originally Posted by WMR

So UL will agree to run the place to turn a profit once it has been driven into bankruptcy under the current agreement? You don't see an inherent problem in that?

Do you deny that the deal was fraudulently negotiated?

The good news is, is that the fact UL is so far in the red means they can't buy it outright without state funding, which obviously isn't going to happen.

Redo the lease, bring an NBA team in, Tell Jurich to kick rocks

[Joseph]

YUM has been great for Louisville. Tons more events here than Freedom Hall had brought in in decades.

[joshnky]

Originally Posted by Joseph

YUM has been great for Louisville. Tons more events here than Freedom Hall had brought in in decades.

I think this aspect has been every bit as good as expected. They just over estimated the tax revenue they'd receive from the surrounding entertainment district in a down economy. If the economy is the problem then the arena should turn a corner over the next five years. If they were simply wrong in their estimates then things will be much more bleak.

I live in Louisville. The only ones worried about this are UK fans looking for a dig at their rival.

[WMR]

Originally Posted by joshnky

I think this aspect has been every bit as good as expected. They just over estimated the tax revenue they'd receive from the surrounding entertainment district in a down economy. If the economy is the problem then the arena should turn a corner over the next five years. If they were simply wrong in their estimates then things will be much more bleak.

I live in Louisville. The only ones worried about this are UK fans looking for a dig at their rival.

This is garbage, no offense. I guess Papa John Schnatter is a UK fan? He's concerned.

Every taxpayer in the city of Louisville should be concerned. Furthermore, every taxpayer in the State should be concerned because that's who will be picking up the debt burden next if things don't change.

The only ones seemingly not worried are UL fans desperate to "put something over" on UK. It's pretty sad that UL fans are so desperate to have something "better" than what UK fans have that they're willing to sacrifice the financial well-being of their own city to do so. Lil Bro Syndrome until the very end.

Funny thing is, a bunch of top recruits were polled a couple years ago and they overwhelmingly prefer playing in older arenas with history such as The Phog or Rupp than brand new arenas.

Rupp and Commonwealth will both be upgraded in the near future but it won't require bailouts or handouts to get it paid for... it will make good financial sense and it will be done responsibly, morally, and above board.

[WMR]

Originally Posted by Joseph

YUM has been great for Louisville. Tons more events here than Freedom Hall had brought in in decades.

You should read that report and educate yourself. The YUM!, to this point, has been HORRIBLE for everyone in the city of Louisville from a financial standpoint.

The arena is hemorrhaging money and has done so since it opened its doors.

[Boston Red]

Originally Posted by WMR

Lil Bro Syndrome until the very end.

This from the guy who posts more about UofL than anyone else on this board. Get over your obsession. It's unhealthy.