It was an issue much more recently than that.
"The Most Important Game" , Texas Western vs. Kentucky, was in 1966. The subtext, under the all-black vs all-white teams on court, was the decades of racist history that Rupp and his program represented. And it lasted another 5 years plus beyond this. Hell, Alabama had a black player before Kentucky did.
And, of course, UK was involved in point shaving in the '40's-'50's, and the Fed Ex cash of the late '80's. The program was built on, and has continued to flourish due to, improprieties at the least and illegalities at the most. Just ask Bobby Knight about the UK program.
If you think that those boosters and the bourbon-coal-thoroughbred money have disappeared since Calipari arrived, you are kidding yourself.