Kentucky Sports Radio

University of Kentucky Basketball, Football, and Recruiting news brought to you in the most ridiculous manner possible.

Yum! Center audit is out and it says U of L was late on its payments


the_yum_center1

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:

Article written by Drew Franklin

I can recite every line from Forrest Gump, blindfolded. Follow me on Twitter: @DrewFranklinKSR

4 responses to “Yum! Center audit is out and it says U of L was late on its payments”

  1. catsarerunnin

    Strippers aren’t cheap. Especially those who can squirt to the ceiling.

  2. Sentient Third Eye

    Does that mean the state could take away the Cards’ corrupt little money-grabbing scheme? Non-payment would be a breach of whatever agreements they signed…

  3. Decker

    If this is the biggest finding, I’d say there is not too much the cards have to be worried about other than a little embarrassed for paying late. Late payments is not the same as none payment so I’m not seeing a smoking gun yet… but I’m hopeful.

  4. BluKudzu

    I am absolutely devastated with total shock, to learn that the University of Louisville is cheating the system. This will leave a tarnished finish on their program.
    Compared to everything else that has been going on, you can almost hear the champagne corks popping in celebration, downtown, knowing it did not involve coaches, players or recruits in these findings.