Kentucky state auditor Mike Harmon released his findings in his office’s audit of the KFC Yum! Center’s big financial debacle and I know you’re dying to hear what kind of mess he dug up.
In the audit, Harmon learned that both the University of Louisville’s athletic department and the Louisville Arena Authority regularly failed to make their annual payments on time. Those late payments created further problems for the Yum! Center’s bookkeeping and revenue sharing.
From the Courier-Journal’s report on the audit:
According to auditors, the payment is to be calculated by April 20 of each year and made 10 days later. In the two years reviewed by auditors, however, both the calculation and payment were completed after those deadlines.
It recommends better coordination between the arena authority, U of L and other third parties to ensure the deadlines are met.
Harmon’s release also points out that the new restructuring of the Yum! Center deal is not yet complete, despite legislators being told otherwise. He blamed “key parties” (I think we know who that is) for a lack of commitment to solving the arena’s debt problem.
For much, much more on Harmon’s findings, check out our friend Joe Sonka’s report on InsiderLouisville.com.
And here’s a .GIF of baby Pearl yelling for the rent: