Breaking news: UK has reached an agreement with the Lexington Center to stay at Rupp Arena through 2033.
The two parties signed a new 15-year lease today to keep men’s basketball games, some women’s basketball games, and winter and spring commencements downtown. The current lease was set to expire at the end of the 2018 season.
As part of the agreement, UK will control multimedia rights and souvenir sales during games. The university will make a $1.9 million yearly lease payment in exchange for 28 events and receive revenue off the addition of four clubs/club spaces, as well as chairbacks in parts of the upper level. Those upgrades are part of a $265 million renovation/expansion to the Lexington Center proposed last year, which also includes the removal of the metal siding around the building. Here are the renderings of the new Rupp Arena entrance from last summer: