LEXINGTON, Ky. (WHAS11) – The University of Kentucky is now going to back the renovation of Rupp Arena and sign a long-term lease to be the main tenant, according to a source.
The city of Lexington, which owns Rupp, recently announced a $310 million renovation and redesign of the 38-year-old arena.
Spokesman Jay Blanton confirms UK intends to sign a 30 year lease and will work on a financial plan to support the project.
The lease gives UK money from premium seating and other new venues.
Blanton says UK does not give financial support to Rupp now and will not in the future deal.
No university funds will be used but UK remains mum on their exact plans.