Audit: Annual payments on Yum Center debt were late
LOUISVILLE, Ky. (AP) – Kentucky’s auditor says deadlines were missed in making annual payments under the Yum Center’s lease agreement.
State Auditor Mike Harmon released the findings Thursday of his office’s review of the Louisville Arena Authority, which oversees financial management of the downtown arena.
The arena is home to the University of Louisville’s men’s basketball team.
Harmon’s review says the delay in making the payment was caused by a failure of the arena authority and UofL’s athletic department to provide information to each other in a timely manner.
He says the delay increases the risk of cash flow problems for the arena authority. Harmon recommends better coordination between the two groups to ensure the deadlines are met.
State lawmakers passed legislation this year to help the authority pay off the Yum Center debt.
Copyright 2017 The Associated Press.