UofL reaches new deal with KFC Yum! Center
LOUISVILLE, KY (WAVE) - The University of Louisville has reached a new deal in its ongoing negotiations with the KFC Yum! Center, multiple sources confirmed to WAVE 3 News on Wednesday.
UofL Interim President Dr. Greg Postel will present the deal to the school's Athletic Association at a meeting Thursday morning. Then, the matter will go to the UofL Board of Trustees for approval.
Thursday afternoon, the KFC Yum! Center will announce what it called Wednesday an approval of "the First Amendment to the University of Louisville Lease Agreement."
The KFC Yum! Center opened in 2010 and has been the subject of hot local debate for some time. Projections show the arena will have difficulty making its bond payments under its current financial structure.
Some have suggested UofL, as its anchor tenant, should restructure its deal to help the arena avoid that. Athletic Director Tom Jurich said over the winter that the Cardinals will find another home if talk of a restructured deal continued.
A source close to the university told WAVE 3 News the new deal that will be voted on Thursday includes more than $2.5 million "in cash and other givebacks" from UofL to the arena each year.
That source also said the new deal represents a shift in power from the athletics department to the president's office, and that Jurich may not even learn the details of the proposed arrangement until later Wednesday night.
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