OT: KFC Yum Center going bankrupt

[jdubs30]

http://thevillevoice.com/2013/01/29/damning-new-report-questions-arenas-future/

Sheesh what a mess

 

[edowd26]

Hilarious... perhaps the ACC will save it?

 

[Marsh01]

Serves them right for going way overboard on a college hoops arena. I hope that place burns to the ground.


Sent from my iPhone using Tapatalk

 

[orange79]

Yikes. Seems as if some of the folks who made those deals might want to make themselves scarce.

 

[shermstheman]

http://thevillevoice.com/2013/01/29/damning-new-report-questions-arenas-future/

Sheesh what a mess

As Buddy the Elf so wisely said, "Schocking!"

 

[Deano]

Serves them right for going way overboard on a college hoops arena. I hope that place burns to the ground.


Sent from my iPhone using Tapatalk

couchburn

 

[tbonezone]

hey don't be so cynical. i'd go for the chicken alone. and i hated the colonel with his wee beady eyes...

 

[4evaOrange]

 

[reedny]

Hard to imagine an arena named "KFC Yum Center" failing. lol.

 

[CarolinaCuse]

Perhaps a generous business agreement between the arena and UL is how the athletic department has made a bunch of their revenue (and led to financial dire straits for the arena)?

 

[edowd26]

Serves them right for going way overboard on a college hoops arena. I hope that place burns to the ground.


Sent from my iPhone using Tapatalk

It's not even uconn.. I'm just starting to believe you hate everyone.

 

[Marsh01]

It's not even uconn.. I'm just starting to believe you hate everyone.

I like you.

 

[edowd26]

I like you.

you trying to catfish me? because it's working.

 

[rrlbees]

Perhaps a generous business agreement between the arena and UL is how the athletic department has made a bunch of their revenue (and led to financial dire straits for the arena)?

No doubt.

Sent using my Commodore 64 on Tapatalk 5.3

 

[RICuse44]

hey don't be so cynical. i'd go for the chicken alone. and i hated the colonel with his wee beady eyes...

Ohh, you'll buy my chicken!

Head! Pants! Now!

 

[SouthCampusHero]

Perhaps a generous business agreement between the arena and UL is how the athletic department has made a bunch of their revenue (and led to financial dire straits for the arena)?

There is a link at the bottom of the article that takes you to the full version of the report. Im reading through it now and its no wonder they are going bankrupt. UL doesnt seem to pay much at all for using it...and then they get a big share of each revenue stream. It shouldnt take a Warren Buffet-type to say "bad."

-The University receives a disproportionate 88% of revenues arising from
the lease of the Private Suites. At least the balance of the Private Suites that
have not been granted to others free or swapped for services. In addition,
the University receives 88% of all Premium Seating Revenues. The
Private Suites are valued at $75,000 each per year, not including license fees,
and the non-taxed University retains 100% of all license fees. In addition to
Private Suites, the “Premium Seating” consists of 2,054 side court club seats,
approximately 800 mezzanine club seats, 304 loge seats with a configuration of
70 loge boxes that include 62 boxes with 4 seats and eight boxes with 6 seats
each. [Note: Per the lease, the amount owed by the University to the Arena for
the above 12% of Premium Seating Revenue is paid to the Arena on an annual
basis no later than each April 30 during the term.]


-University receives from Arena 50% of all payments it receives from third party
concession and catering sales at all University-sponsored Events. This includes
sales at all concession stands, and catering provided to the Private Suites and
the Party Suites, donor rooms and club seating areas.

-University receives from the Arena 50% of any additional merchandise revenue
received by Arena from any source other than the Gift Shop, including without
limitation the sale of merchandise at concerts, NCAA events, ice shows, or
other non-University-sponsored Events.

 

[jncuse]

No wonder Louisville is so valuable. Revenue wit no operatin costs.

 

[SouthCampusHero]

And now it all makes sense --- If the property goes into foreclosure, guess who gets 90 days to buy it? Yup, the university.

http://www.thevillevoice.com/wp-content/uploads/2013/01/arenareport.pdf

pages 16-20 detail the revenues and free benefits given to the university.

It is as though the Athletic Association leases from the university...even though the AA owns the property.

 

[jncuse]

UK fans livin in Louisville must be pissed,

F em.

 

[pfister1]

Taxpayers had to build it, they needed to keep the team. Didn't they threaten to move if they didn't get a new arena?

 

[The Governor]

The Arena Authority who agreed to the lease was a bunch of UL board members, it was the shadiest deal ever. They also have scheduling priority the day of, before and after it's mens and womens games. Basically it's very hard for the Yum Center to book events during basketball season, this was done to keep the NBA out.

For the record, UL athletics counts the 8 million dollars a year or so that they receive from the school as revenue.

 

[CusefanATL]

Hilarious... perhaps the ACC will save it?

I think you are confusing the yum center with UL.

UL is robbing this place blind. And is benefiting MiGHTILY.

Eventually, I'm sure UL will have to renogotiate, but by then they'll be making an extra 15is mil in the ACC that it won't matter as much.

This is/was a GREAT thing for the University.

 

[CusefanATL]

Taxpayers had to build it, they needed to keep the team. Didn't they threaten to move if they didn't get a new arena?

Haha. Funny you say that. All of a sudden there are rumors that LA is interested in buying the Falcons for that exact reason.

 

[cuseincincy]

What's really funny is that several of the UL fans I spoke at the game stated that they preferred Freedom Hall to watch a game at. From a fans viewing persepctive I agree that Freedom Hall was far superior to Yum.

 

[MyMeloMyMan]

more like YUCK center...amiright?