I realize this is a wildcat board but I want an honest answer and know better than to ask this over there. I heard Matt Jones say that the same investigator that brought down Richie Farmer has officially opened a investigation into L-ville athletic funding and monies distribution. Is this a serious thing and what is it that makes them believe it needs looking into ? L-ville being our largest city they carry alot of political clout and one wonders if things will get swept under the rug? Anyone with knowledge of what they are looking for would be a big help. Is this somehow tied into the Yum Center financing and the sweet deal they got on tax payers back ? Thanks in advance for any insight !!!!!
L-ville Athletics ? Investigation ?
- Thread starter Trubluepopeye
- Start date
Sorry to tell you Matt Jones was wrong. The state auditor is not looking at UL athletics in any way or YUM arena.
What the auditor is looking at is the structure of how they run the UL Foundation. It has nothing to do with athletics.
The foundation is private money and used mostly to fund things on the academic side of the university. UK has a similar foundation on a smaller scale as well. UL has built the foundation to 1.1 billion dollars now. Some political appointed UL board members don't like it that they cannot control the foundation. All politics really. Mark it down when the auditor finishes they will find no major issues. With that much money you can bet they have top legal and accounting folks keeping it in order. As a UK fan you probably don't go down by UL but they have used this money to totally change the campus and academic structure of the school.
As for YUM you are right UL has a sweet deal but really it is not on the rent. UL pays a fair share on the rent. Much more rent than UK pays at Rupp. The deal UL got was more on having a lot of control on dates during basketball season. The bottom line at Yum is that the city not UL decided to spend a extra 100 mil to have the arena next to the river where they wanted it. Rent paid by UL goes toward operations and operations is turning a profit. UL money or any other rent money was never intended to pay off the bonds. The bonds are paid off by the TIF district. Has nothing to do with UL. The issue is that the city used projections that showed more growth than they have had so the city will have to keep putting in their extra money to pay the bonds. Not really a big deal. It is paid by City money and the city benefits from having the needed arena. No state money is being used.
Besides why are you complaining? UK has gotten to use Yum already twice to have home games in two NCAA tourneys. Next year the South Regional is in YUM and I am sure you expect UK to be there again. There is lots of events held in Louisville that benefit the whole city not just UL.
What the auditor is looking at is the structure of how they run the UL Foundation. It has nothing to do with athletics.
The foundation is private money and used mostly to fund things on the academic side of the university. UK has a similar foundation on a smaller scale as well. UL has built the foundation to 1.1 billion dollars now. Some political appointed UL board members don't like it that they cannot control the foundation. All politics really. Mark it down when the auditor finishes they will find no major issues. With that much money you can bet they have top legal and accounting folks keeping it in order. As a UK fan you probably don't go down by UL but they have used this money to totally change the campus and academic structure of the school.
As for YUM you are right UL has a sweet deal but really it is not on the rent. UL pays a fair share on the rent. Much more rent than UK pays at Rupp. The deal UL got was more on having a lot of control on dates during basketball season. The bottom line at Yum is that the city not UL decided to spend a extra 100 mil to have the arena next to the river where they wanted it. Rent paid by UL goes toward operations and operations is turning a profit. UL money or any other rent money was never intended to pay off the bonds. The bonds are paid off by the TIF district. Has nothing to do with UL. The issue is that the city used projections that showed more growth than they have had so the city will have to keep putting in their extra money to pay the bonds. Not really a big deal. It is paid by City money and the city benefits from having the needed arena. No state money is being used.
Besides why are you complaining? UK has gotten to use Yum already twice to have home games in two NCAA tourneys. Next year the South Regional is in YUM and I am sure you expect UK to be there again. There is lots of events held in Louisville that benefit the whole city not just UL.
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Everybody in America would be shocked and horrified at what takes place in foundations. This is where money is stashed and kept off the books and projects are funded that would get people tried for treason.
Here is a good starting point.
Speaking of money here is what money is for dummies
Want to know something just as sinister? Look up how the government keeps two sets of books. One for the money the public sees and another for much money they really have and keep off the books away from the public. You used to be able to order the 2nd set until the late 90's.
Here is a good starting point.
Speaking of money here is what money is for dummies
Want to know something just as sinister? Look up how the government keeps two sets of books. One for the money the public sees and another for much money they really have and keep off the books away from the public. You used to be able to order the 2nd set until the late 90's.
no the State Auditor is looking at that cess pool ..uavel athletics smells and the stink ain't going away...Matt Jones speaks the truth.
So your saying the UL presidents wife getting over 100k a year and a new car every two years as a consultant for this fund is all above board. UL homer me smells ?
I believe that a major problem in the Yum center debacle is that UofL has too much control of the dates and how it is used which is the main cause of it not being self supporting. I believe UofL even has a right to refuse dates when they are not using that date. That is why UK can not play an annual game there and can only play there in their scheduled game with UofL and in the NCAA tournament.
An annual UK game could put money in the pot to help support the retiring of the Yums debt but UofL has blocked it.
An annual UK game could put money in the pot to help support the retiring of the Yums debt but UofL has blocked it.
If anyone has concrete evidence of a crime, they should report it to the authorities. Using Rupp Rafters for insinuations of criminal conduct isn't really a good use of the board. It sets us up for charges of being "catty".
Can you see if some blue can be put in the arena or on the floor? I mean if it's always going to be our first couple of games in the NCAA tourney we might as well feel comfortable.
Why would they want to play in Rupp??? There are very few UL fans in Lexington compared to UK fans in Louisville and they would stand the chance of being embarrassed by a very small turnout for the game. No idea why they would ever want to schedule a game in Rupp for themselves.
Agree with much of this, except theres clearly something going on with that foundation. The calls for investigation may be political, but politics isnt forcing people to break the law.
In the last few years alone, theyve given ridiculously rich severance packages to people leaving; including their lawyer. Very out of the ordinary, and gives the impression they cant afford anyone talking about whats going on. Not exactly kosher. Not to mention the FOI requests they just ignore.
It would be pretty hilarious to see the Tards playing in front of 1500 linebeard fans in Rupp.
I think the Card is pretty spot on. UofL got a ridiculous sweet heart deal but you can't blame them for taking advantage of it. The issue seems to be with city officials who entered into a bad agreement. There is a pretty good chance that there were some conflicts of interests that could come back to bite some of the city officials. Fuzz? Wildcard?? Would like to hear what these two have to say about it.
