UK will pay $4.75M annually for media rights in Rupp Arena per the new lease agreementGETTY IMAGES
The Univ. of Kentucky men’s basketball team "will remain at Rupp Arena" until '33 under a "new 15-year lease signed Thursday," according to Beth Musgrave of the LEXINGTON HERALD-LEADER. The agreement requires UK to pay Lexington Center Corp. a minimum of $1.9M a year for "28 games or events, well above its current payment" of nearly $1M. In addition, the lease agreement says UK will pay $4.75M "annually for media rights in Rupp Arena," bringing the total annual payment to at least $6.6M by '20. The current lease expires at the end of the '17-18 season. Lexington Center has agreed to "add four clubs and club spaces within the arena for UK’s use during games." The agency also agreed to "switch the seating in the upper bowl from benches to chair-backed seats." The new clubs and seats are part of a "proposed renovation and expansion of the attached convention center." UK will pay Lexington Center the full $1.9M once the "four club areas are completed." Also, UK gains "control of all souvenir sales during the games and allows UK to secure and market naming rights for the entire complex." If those naming rights are sold, UK would "pay Lexington Center an additional $750,000." Lexington Center officials have previously said that Rupp Arena’s name "will not change" (LEXINGTON HERALD-LEADER, 2/9).
