A feasibility study will help determine whether the University of Kentucky should renovate Rupp Arena or replace it with a privately financed facility.
A feasibility study will help determine whether the University of Kentucky should renovate Rupp Arena or replace it with a privately financed facility.
The Lexington Center Corporation, which owns and manages the 23,000-seat Rupp Arena, retained IMG Worldwide, International Stadia Group (ISG) and architecture firm HKS to determine whether a new downtown Lexington area could be privately financed. Under an initial plam IMG and ISG would raise the funds to build the new arena and finance construction, using funds from sources like luxury-box leases, advertising and naming right. HKS, meantime, would work on a location for a new arena, though indications are that all parties involved want to see a new downtown facility. UK and the Lexington Center would retain operational control of the proposed facility.
It’s no secret Kentucky athletic officials have sought changes to the massive 23,000-seat arena; the only real issue is how the athletic department for fund it. As for IMG and ISG, this is the first time the pair has snared a deal to develop what would primarily be a college sporting facility; the pair collaborated on the financial development and construction of London’s Wembley Stadium.
