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UofL reaches new deal with the Yum Center through “shift in power”

For years, the University of Louisville has benefitted from a cushy deal with the KFC Yum Center, which continues to spiral more and more into debt. Is an end finally in sight?

Wave 3 is reporting that tomorrow afternoon, UofL and the Louisville Arena Authority (which manages the Yum Center) will announce an amendment to UofL’s lease as the arena’s primary tenant. We won’t know the full details of the new deal until then, but Wave 3’s sources say UofL will have to pay $2.5 million “in cash and other givebacks” to the arena each year and that the move represents a “shift in power from the athletics department to the president’s office,” to the point that athletics director Tom Jurich may not even know all of the details himself at this point.

How lopsided has UofL’s lease with the arena become? Check out this graphic from Joe Sonka, which shows how their profits have soared since they made the deal with the Yum Center in 2010:

Meanwhile, the arena is critically in debt, to the point that officials warned that it may default on its bonds as early as 2020. In December, Jurich threatened that UofL would leave the arena should they be forced to restructure their deal.

“I’m tired of it. We’re tired of all the rhetoric. If they don’t want us, just tell us. We’ll leave. I’d love to build one on the silo site.”

By taking Jurich out of the equation, it looks like the arena — and the city of Louisville — may have finally found a solution.

[WAVE 3]

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.

12 Comments for UofL reaches new deal with the Yum Center through “shift in power”

  1. BlueFins
    6:04 pm July 19, 2017 Permalink

    Honestly, I wish they would leave. I will not attend any events there as long as UL benefits financially from the event. I’m still not sure why the arena looks like someone threw up Red/UL on a building that is only used 25 times a year by the university. The good news is that it will be a little less obnoxious when the building is “stripped” of the Championship soon.

    6:25 pm July 19, 2017 Permalink

    If they do leave YUM, the NCAA has helped make their move easier…they don’t have to take all those pesky banners with them.

  3. Eazy
    6:32 pm July 19, 2017 Permalink

    And Louisville fans are proud of being the most profitable basketball program. Lol. They have no idea how bad that deal is for the city. They act like it’s a good thing. Truly the most ignorant fan base I’ve ever seen.

  4. FunkyMonkey
    7:02 pm July 19, 2017 Permalink

    they should have called Jurich’s phony bluff and said get the hell out. Even looting everything like they did the cocky and arrogant attitude of I can snap my fingers and get $350 million shows how Jurich is so full of himself and an arrogant piece of work,… but they played the suckers who donated no doubt.

  5. 502CodeRed
    7:09 pm July 19, 2017 Permalink

    Hilarious how Tom Jurich and UofL are villanized in this whole situation. If anything the City of Louisville, Commonwealth of Kentucky, and private investors are to blame for the Yum Centers debt.
    These idiots were sooooooo convinced they would land an NBA team that they built the arena and gave UofL a killer deal. It was only meant for a few years to keep the bills paid until
    Team NBA arrived. But the NBA pipe dream didn’t happen and now folks are crying and UofL has to relinquish more money. Did UofL hold a gun to someones head over this deal?
    No, the investors and our own state (incompetent) redneck government drew up the deal. Probably the same idiots who named an international airport because they were convinced
    United was building a hub in Kentucky. UofL should pack up and build an arena on campus next to PJCS. Let the State eat their stupid mistake.
    This is what happens when backwoods yokels make deals. Just remember, Tom Jurich wanted an on-campus arena from the beginning.

    *For the uneducated – The City of Louisville and The University of Louisville are separate entities

    • Eazy
      7:25 pm July 19, 2017 Permalink

      Hilarious that you are posting on a UK site. Jurich, Pitino, and Petrino are so ethical. Lol. Speaking of uneducated…UL fans take the cake. UK is 34-16 vs UL and you guys still try to talk. Who’s banner is coming down? Not UKs. 8>2. And UK finished 10th in the directors cup while UL failed to crack the top 25 yet again.

    • Eazy
      7:33 pm July 19, 2017 Permalink

      Louisville isn’t just the villain here btw. The whole country now realizes how big of a joke UL athletics is. You are getting what you deserve. UL has no shame. No other school in the country would still employ Pitino. Not to mention that dirt bag Petrino. Louisville community college (UL) is by far the worst academic school in the ACC and the bottom feeder in the power 5. As for government Lexington is far superior to Louisville in every category…Average income, safety, education, etc. Lex is top 10 nationally in education. Louisville isn’t even top 100. And it’s no wonder an NBA team didn’t come to Louisville. UL wanted nothing to do with the NBA. And Louisville isn’t even top 40 in metropolitan population.

    • Eazy
      7:44 pm July 19, 2017 Permalink

      Your boy Bevin is from Louisville, though. Jim Gray of Lexington happens to be very progressive and is one of the few openly gay mayors in the country.

    • 502CodeRed
      7:44 pm July 19, 2017 Permalink

      Right, because UofL shoud embrace NBA competition.
      Academics,Pitino, Petrino, blah blah blah….skipping record.
      “You are getting what you deserve..”. What do I have to do with this?
      The *Uneducated* part applies specifically to those like you. Idiot.

    • runningunnin.454
      10:11 pm July 19, 2017 Permalink

      Speaking of uneducated idiots, I often visit a U of L “community” blog for some outrageous comedy.
      Under an article about Pitino discussing next year’s team, the very first fan comment was,
      “This team has a very high ceiling”…Ha ha ha.
      Maybe UL fans should refrain from using the word “ceiling”, especially a high one…unless, of course, they’re going to call Katina…..again.

    • Reuben Cuban
      7:14 am July 20, 2017 Permalink

      uavel. Little brother – continues to live off of yummy FREE LUNCHES and FOOD STAMPS. Typical. Expected. uavel. Lil bro.

  6. Eazy
    7:19 pm July 19, 2017 Permalink

    For the record UK blew by UL last year on overall athletic profits and revenue. The SEC network and JMI deals moved UK up to 13th in the country in revenue. UL was 21st and fell 20 million plus behind UK. We will only continue to grow while they fall.