LOUISVILLE, KY (WAVE) - Critics claim the KFC Yum! Center is losing millions and will continue to as long as the University of Louisville has its current lease.
In a report dubbed "Billion Dollar Basketball," Its author, Denis Frankenberger, makes scathing accusations over the arena's finances. During a press conference Thursday, Frankenberger said the arena is losing $1 million a month because other events and tenants are required to schedule dates around UofL.
"I think it's great the university is the prime tenant in the arena," said Frankenberger. "I don't think it's great they can control the entire arena without having any investment."
Frankenberger argues the lease needs to be renegotiated.
Ed Glasscock, attorney for the Louisville Arena Authority, said it is premature to respond until he has time to review the report. The board's president was not available for comment, but the Arena Authority says the KFC Yum! Center is making money - a profit of $1.3 million.
Still, proponents of an NBA team in Louisville say there won't be any investors in a professional team until there is a new lease.
"The problem with the university's lease is that it not only takes all the money out of the arena, it places a ceiling on the ability to arena to rent itself for other activities," said J. Bruce Miller, a NBA proponent.
In a statement to WAVE 3, UofL athletic director Tom Jurich said UofL is a tenant at the KFC Yum! Center and that the arena authority would be most appropriate to comment on the report.