The relationship between the Kentucky State Fair Board and the KFC Yum Center has moved closer to conclusion with the fair board’s approval of a compensation plan for its costs from running the arena.
The agreement, approved on Thursday, calls for a $1.47 million payment by the Louisville Arena Authority to the fair board.
The decision covers the fair board’s costs for staffing the KFC Yum Center during many events for several months in 2012, said Rip Rippetoe, the president and chief executive of the Kentucky State Fair Board. It also gives the board final compensation for the loss of revenue from University of Louisville basketball games.
“Now that’s happened, we can sit down now and do a final invoice and move forward with getting that payment done. What this does is it draws to a conclusion the financial relationship between the two organizations,” Rippetoe said.
The Louisville Arena Authority has already approved the plan. Last summer, the authority chose AEG Worldwide to manage the Yum Center after concerns were raised about the arena’s operating costs compared to its revenues.