Kentucky state Auditor Mike Harmon has "agreed to audit the Louisville Arena Authority (LAA) after state lawmakers requested an examination of the organization's finances in light of ongoing concerns about the KFC Yum! Center's financial future," according to Bailey & Watkins of the Louisville COURIER-JOURNAL. Harmon said that his office "will evaluate the arena authority's compliance with its revenue-sharing agreement and other contracts." The audit also will "look at internal controls to gain a thorough understanding of certain management operations." The examination was "welcomed" by LAA Chair Scott Cox, whose organization manages KFC Yum! Center. Cox yesterday said that LAA BOD members "plan to meet with Harmon next week to learn about the audit's scope." He added that the LAA's contract with the Univ. of Louisville "will be part of the focus." Legislators said that they were "worried that the arena authority wouldn't be able to cover its future debt payments and had concerns about the organization's arrangements" with UL and the Kentucky State Fair Board (Louisville COURIER-JOURNAL, 1/10).
