Lexington Center complex renamed Central Bank Center. But what about Rupp Arena?
The Lexington Center, which houses the city’s convention center and Rupp Arena, was renamed Central Bank Center Thursday after the Lexington-based bank agreed to pay about $20 million over 14 years for the naming rights.
Rupp Arena, the storied home of University of Kentucky men’s basketball, will be known as Rupp Arena at Central Bank Center, officials announced Thursday.
“This is a milestone agreement which represents the first naming rights agreement in the 44-year history of this legendary facility,” said Bob Elliston, chairman of the Lexington Center Corporation Board.
Luther Deaton, the chairman, president and CEO of Central Bank, said the bank has a long history with Lexington Center. Central Bank founder Garvice Kincaid was a founding board member when the facility was constructed in the late 1970s. Deaton has served on the Lexington Center board twice and previously served as chairman.
Deaton said during a news conference announcing the naming rights that he and the bank felt strongly that Rupp Arena would not be renamed as part of the agreement. Deaton, a Kentucky native, said removing the Rupp name would have killed the deal.
Chip Rupp, the grandson of legendary UK basketball Coach Adolph Rupp, said the family was grateful to Central Bank and Lexington Center for keeping his family’s name on the arena.
“Rupp Arena means different things to different people,” Rupp said Thursday. “But to the Rupp family, it means something else.”
UK Athletics Director Mitch Barnhart said Rupp Arena has become synonymous with UK basketball.
“It was also essential to us that we preserve the name of this incredible venue out of respect for Coach Rupp, his accomplishment and his family,” Barnhart said. “We want to preserve and enhance the unmatched tradition of the building that bears his name. We look forward to playing at Rupp Arena at Central Bank Center for years to come.”
The name Central Bank Center will be on the interior, exterior and other signage. Elliston said the name change will take effect immediately.
The $275 million expansion of the convention center will total 756,593 square feet. Exhibit space will increase from the previous 66,000 square feet to 100,841 square feet and ballroom space will rise from 17,700 square feet to 25,080 square feet. In addition, Rupp Arena will get a new glass and metal exterior and four new hospitality suites for UK men’s basketball games.
Construction costs are close to $241 million but financing and other costs bring the total to $275 million.
The long-awaited expansion is being completed in phases so Rupp and the convention center can continue to operate during construction. The entire complex will not be complete until 2022, Lexington officials have said.
The convention center expansion is being funded through a variety of sources, most of which use public money. They include $30 million from the Lexington-Fayette Urban County Government, a $60 million loan from the state that must be paid off using a bump in Fayette County’s hotel and motel tax, a 15-year lease from UK and money from VisitLex, the city’s tourism and visitors bureau.
The agreement is between Central Bank and JMI Sports, which has UK’s media marketing rights contract. Central Bank’s contribution to the naming rights after completion for the renovation will be $1.5 million a year for roughly 14 years. That works out to a little more than $20 million, Deaton said.
Elliston said naming rights were not expected to pay for the $275 million expansion.
“This will help us pay our operating costs,” Elliston said, referring to the additional money the naming rights will generate through the JMI Sports contract. UK’s lease with Lexington Center guarantees the center a minimum payment from advertising it sells inside Rupp Arena for UK. But Lexington Center receives additional money from that contract if JMI Sports sells additional advertising over a certain amount.
The Central Bank partnership is the third naming rights agreement that JMI Sports has inked for UK. The others include Kroger Field, UK’s football stadium, and Kentucky Proud Park, UK’s baseball stadium. Kentucky Farm Bureau entered into a 15-year agreement for the baseball stadium.
This story was originally published January 16, 2020 at 10:16 AM.
