The University of Kentucky has retained IMG/International Stadia Group to negotiate financing and sponsorships for a new downtown arena.
The University of Kentucky has retained IMG/International Stadia Group to negotiate financing and sponsorships for a new downtown arena, as well as other university facilities.
IMG/ISG has maintained that private financing could be used to build a new football stadium and ballpark as well as a downtown arena. Before that theory could be put into practice, the school needed to put the issue to bid. Surprise: IMG/ISG met the criteria of the bid, though at the outset three firms expressed interest in putting together deals.
In any case, it's a no-risk situation for the University of Kentucky. It would be surprising if a new downtown arena didn't happen: the Wildcats can sell every seat on the market and city leaders want it. The groundwork for a new arena has been laid for the last two years, so locals won't be surprised when some city dollars are devoted to the project, even though the goal is to use private financing for as much of the project as possible.
RELATED STORIES: Kentucky evaluating three proposals for privately financed arena; New Kentucky arena won't feature Rupp name; Kentucky explores replacing Rupp Arena; Rupp Arena to become ballet center?
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