LEXINGTON, Ky. (AP) — Kentucky has executed a right of use agreement with Lexington Center Corp., creating a new lease that keeps the Wildcats' men's basketball team at Rupp Arena through the 2033 season.

The school's current Rupp lease expires after this season, but the agreement announced Thursday follows a letter of intent that originated in December 2016. The athletic department will pay LCC a yearly base of $1.9 million. The school will receive revenue from the creation of four clubs and club spaces, with some upper bowl seats converted to chair backs.

Athletic director Mitch Barnhart expressed excitement over the 15-year extension and added, "we look forward to taking the next proud step in a long tradition of excellence that has defined our basketball program and this historic venue."

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