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LEXINGTON, Ky. – The University of Kentucky and Lexington Center Corporation have finalized an agreement for the UK men's basketball team to remain at Rupp Arena through 2033.
The parties first announced they had reached an agreement about a new 15-year lease, outlined in a letter of intent, in December 2016. On Thursday, LCC announced it and UK had executed a "right of use agreement." The current lease was set to expire after the 2017-18 season.
UK would pay LCC an annual base payment of $1.9 million for 28 events, according to a news release.