After months of negotiating, University of Louisville interim President Greg Postel said in a statement the school will pay an additional $2.5 million a year as a part of a renegotiated lease.
“We hope to soon finalize what we believe will be a creative solution to the KFC Yum Center’s financial challenges,” Postel said. “The university already has agreed to changes in the lease agreement that would return at least an additional $2.5 million to the Arena Authority annually to assist in the payment of construction debt. The university’s goal is to be a team player with the city, state and Arena Authority in preserving the long-term viability of this important community asset.”
The announcement happened shortly after Scott C. Cox, the chairman of the arena authority, stated publicly he was “extremely concerned” that the two parties still had not reached an agreement. The implications and specifics of the yet to be finalized agreement are still unknown, but it’s safe to say this is a step in the right direction.