LEXINGTON, Ky. (WTVQ) – The Lexington Center Corporation (LCC) and the University of Kentucky have agreed to a new 15-year lease that will assure the Wildcats men’s basketball team will keep playing at Rupp Arena.
The Lexington Center sent out a press release Thursday afternoon, saying it and the University of Kentucky have signed a “Right of Use Agreement” that will go through the 2033 season.
The current lease expires at the end of the 2018 season.
The agreement also addresses use of Rupp Arena for Big Blue Madness, Blue/White Games, some level of women’s basketball games, as well as Winter and Spring Commencements.
Details of the “Right of Use Agreement” include:
• UK will use Rupp Arena for men’s basketball games and select other events through 2033.
• The university will control multi-media rights and the sale of souvenirs during games. UK will also have responsibility for marketing complex naming.
• LCC will receive a yearly lease payment from UK Athletics of $1.9 million for 28 events.
• UK will receive revenues from the creation of four clubs and club spaces within the arena for use during games. The clubs will be constructed along with the new convention center project.
• LCC will convert some number of seats in the upper arena to chair backs.