The University of Kentucky and Lexington Center Corporation have reached an agreement on a new lease for the Wildcats to play basketball at Rupp Arena.
With Kentucky’s current lease with the city on the venue set to expire at the end of the 2018 season, the new agreement will keep Wildcats home games at Rupp Arena for the next 15 seasons.
The agreement was originated in December 2016 and signed and made official Thursday. Under it, Rupp will host Kentucky men’s basketball games, Big Blue Madness, Blue/White games, select women’s basketball games, and winter and spring commencement ceremonies.
UK Athletics will make annual payments of $1.9 million to the LCC for 28 events.
Kentucky will control multimedia rights, souvenir sales, and marketing complex naming rights within the arena.
The LCC will create four new clubs and club spaces in the arena and Kentucky will receive the revenue from them.
Many fans have hoped a new on-campus arena or a major Rupp renovation might someday happen. One reached the design phase in recent years but fizzled.