OT: Yum Center has cost taxpayers $450M
- Thread starter rick64
- Start date
How much income has the ul athletic dept gotten from the deal over the years? Millions going direct to their athletic program. More than has been paid on the debt service?
I believe ul gets a monetary piece of every event and concessions held at Yum which has to be novel for a tenant?
I believe ul gets a monetary piece of every event and concessions held at Yum which has to be novel for a tenant?
Not a damn thing will happen to any of the crooks who did it.
UofL keeps the profits and the tax payers foot the bill.
Kind of like a lot of pro arenas and stadiums.
The major difference being the owners of the pro teams will literally move their team to another city if you refuse to buy them a new arena.
The major difference being the owners of the pro teams will literally move their team to another city if you refuse to buy them a new arena.
No ****. Pro arenas/stadiums and professional sports teams in general are a scam.
The city’s taxpayers bore the cost of an NBA arena, but without an actual NBA tenant to fill it. Just stinkin UL, who basically got a free ride in this whole crooked deal.
Everyone knew it was a farce from jump street. This isn’t surprising. Yet UL has a plus in money making. Lmao.
Fisher, Ramsey and Jurich. The axis of evil. Still amazes me how Jurich stayed out of jail. Testimony to the crooked cops that he knew. Did not care about the citizens who are paying for their theft.
No its not like that. UL had a crooked AD who was a thief and the president looked the other way while his pockets were being lined via Jurich. The city caved to everything ul wanted just to get this arena. Fisher should have been fired as soon as the deal was signed. Jurich and Ramsey were Satan times two. You need to go back and read all of the articles from those times. Mark Mitchell not involved so you cant blame UK or Pope for this.
They basically locked out any chance of an NBA team coming to Louisville.
the original 2010 lease agreement gave the University of Louisville (UofL) sweeping scheduling control over the KFC Yum! Center. This control virtually allowed them to block out dates for basketball games, practices, and events, heavily restricting the arena's ability to schedule outside entertainment like major concerts or other sports tenants. [1, 2, 3, 4]
Under the original "hyper-favorable" terms, UofL had absolute scheduling priority. This level of control became a major point of contention when the arena began losing millions of dollars and faced the threat of default. Outside event promoters complained that they could not book the facility during prime months because UofL's blocked-out calendar left too few open windows. [1, 2, 3, 4]
the original 2010 lease agreement gave the University of Louisville (UofL) sweeping scheduling control over the KFC Yum! Center. This control virtually allowed them to block out dates for basketball games, practices, and events, heavily restricting the arena's ability to schedule outside entertainment like major concerts or other sports tenants. [1, 2, 3, 4]
Under the original "hyper-favorable" terms, UofL had absolute scheduling priority. This level of control became a major point of contention when the arena began losing millions of dollars and faced the threat of default. Outside event promoters complained that they could not book the facility during prime months because UofL's blocked-out calendar left too few open windows. [1, 2, 3, 4]
UL screwed its own city on that deal.
I live in Louisville and this is absolutely correct. Not only did it screw the taxpayers, but it also fundamentally killed any hope of a NBA team. And in my opinion, along with that, basically killed any corporate growth that the city could ever have. But hey, we have a minor league soccer team. GTF out with that nonsense.
The funny thing about it all is Jurich wanted to build the stadium on campus so the City gave UofL the sweetheart deal to bring more people downtown.
The city caved to every uofl demand on that arena. That's why it's a failed disaster for the city.
That's exactly right. Without this ridiculous UL stranglehold, this is an excellent investment for the city. Even then, the worst part is UL getting a free ride.
This is another example of Jones stirring the Cars fanbase for clicks. The arena had/has a positive massive financial impact well beyond its cost. It completely changed downtown in a way that was otherwise impossible. That led to more conference traffic, concerts, etc. All that in turn led to NULU and lots of other stuff.
As is, its still a good deal. It just should've been way better had UL not gotten that insanely sweetheart free ride.
Generally new arenas and stadiums drive up revenue in the cities where they are built. How much? That can be debated and usually depends on the city. In this case, you had a city swindled by the crooks at UL to give them total control of the arena. A NBA arena that cant find a team because UL fights if. Hell, for a long time the wouldn't allow concerts or special events there.
Moved out to Shepherdsville in 2021. Might have to go further away at some point.
Louisville used to be one of the nicest places in the country to raise a family. But you're right, the left leaning leaders have let it become the wild wild west. I hate it.
Don’t forget that if the city defaulted, UL had the right to purchase it for Pennies on the dollar.
I’d argue that the convention center expansion/bourbon boom has done way more for downtown than the YUM center.
The yum center caused the entire downtown to be revitalized, which increased convention traffic enough to warrant redoing it. Then the omni came with another large convention space.
The bourbon boom of course helped, but that specifically helped downtown because of main Street now having at least 10 distillery bars. Otherwise that boom stays in the tertiary areas.
It all started with the yum center.
I'm guessing few concert goers are staying the night at a hotel in Louisville. Many are locals. Many locals also frequent downtown now so they aren't spending those dollars/tax dollars in the previous areas as before. It's like moving tax money from one part of the city to another.
You're guessing wrong. Plus even the locals are eating and drinking downtown before and after. Its a massive game changer that completely revamped everything downtown.
I know people take Jones' word as gospel but he's just wrong. The real scandal is the self dealing that got UL a deal WAY below fair market value, which did cause lots of lost revenue. THAT'S the scandal he should focus on.
That area is active when there is an event at the Yum. Not much otherwise. NULU is far more the independent attraction for the locals.
Giving more thought to this, East Main Street began “gentrifying” before the Yum opened. Wayside Christian moved, as did the Wesley House, prior to the opening of the Yum, because the area was becoming more upwardly mobile. The area had been changing with younger professionals moving in and the concept of NULU was beginning. I believe the baseball park greatly impacted that change. The Yum center solidified the bookend event centers for East Main. It also was a sign that the East side of Louisville from Broadway (Paristown) to the river would be the attraction and not west Louisville. The Louisville Gardens sits empty, I think, and not much happens west of 4th (except for a stretch of Main down to the Slugger Museum). I knew a guy who was trying to encourage the city to use the Gardens for a farmers/craft market kind of like the Reading Terminal Market in Philly but nothing has been done in that area.
Do you have a link that shares how many concert goers book hotel rooms?
You made my other point if locals are eating and drinking downtown, they aren't spending that money elsewhere in the city. Not really a net gain in taxes.
I doubt it is as much as other cities. People from out in the state may stay in downtown hotels for concerts, but having lived in a smaller Ky city, I know a lot of people from Kentucky do not like downtown Louisville. And, some of the bigger attractions go to Nashville, Cincy and Indy. Those acts encourage more travelers and lodgers.
One of the best ideas I’ve heard for downtown, guessing it got no traction at all?
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