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The State will audit the Yum Center (finally)


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And now, for an update on our neighbors down I-64. This morning, State Auditor Mike Harmon announced he will audit the Louisville Arena Authority, which manages the KFC Yum Center. According to the Courier-Journal, state lawmakers requested the audit in light of ongoing concerns about the arena’s financial future, specifically that the arena authority won’t be able to cover its future debt payments. The audit is expected to be completed this summer, and should also shed some light onto the shady lease between the arena and the University of Louisville, which is a major part of why the arena’s in debt in the first place.

We’ve wondered for years how long it would take UofL’s various misdeeds to catch up with them. Between the NCAA investigation, President Ramsey being ousted, and now this, it sounds like it’s only a matter of time…

[Courier-Journal]

Article written by Mrs. Tyler Thompson

No, I will not make you a sandwich, but you can follow me on Twitter @MrsTylerKSR or email me.

9 responses to “The State will audit the Yum Center (finally)”

  1. Pitinos Pant Leg

    Think you mean President Ramsey being ousted…? Unless you just slyly broke major news.

    1. ukjaybrat

      Wow, i read right over that and didn’t even see it until you said something. good catch

  2. J-Dub421

    It’s about time! The YUM Center’s debt shouldn’t be dumped on us taxpayers simply because U of L double dealed themselves a sweetheart of a contract.

  3. ClutchCargo

    All the state auditor is going to come up with is that it was dumb to give that kind of deal to U of L. The i’s were dotted and the t’s crossed like they should have been. The Arena Authority had to have U of L as a permanent tenant and they just gave up too much to get them.

    1. secrick

      They are going to finally get nailed.

    2. J-Dub421

      The problem is that mostly the same group of people were on all three boards for this deal (Louisville Board, Arena Authority Board, and Fairgrounds Board). They were essentially negotiating with themselves. It’s kind of like insider trading.

  4. IstandUPatGames

    Not matter what the audit says, the sheer optics of all this should enough to assure that Jim Host won’t be the driving force behind the new Rupp Arena if that ever gets new life breathed into it! You remember him… he’s the guy who said if you mow grass at a state park or any other state job you cannot have any tattoos! I guess Ricky three-pump forgot about that when he got his. So if he isn’t getting fired for his restaurant liaisons or pimping in the men’s dorm, can’t he be fired for being a state employee with that ugly tatt?

  5. CPACAT

    When you start listing the deficiencies at UoL, one would think that the NCAA has to at least consider a “Lack of Institutional Control” penalty as part of their basketball penalty.

    It is obvious that from the board, (Yum Center insider trading deals), to the former president (too many to mention), to the former executive vice president for health affairs (FBI Investigation on misuse of funds), to the Athletic Director (Wakeyleaks), to the basketball coach (Strippers, hookers, Porchini’s), to the football coach (same as Ramsey)…just to name a few that have been most prevalent in the news…UoL has an ethics problem, and thus a lack of institutional control. We in the audit field call that a poor “tone at the top”, and assess a higher risk to those clients.

    The NCAA should consider UoL’s overall lack of institutional control when assessing their penalties.