On a radio interivew with WLOU 104.7, the University of Louisville athletics director says U of L is tired of being portrayed as the ‘bad guys’ in downtown YUM Center arena deal. Audio courtesy: WLOU 104.7

State Auditor Mike Harmon has agreed to audit the Louisville Arena Authority after state lawmakers had requested an examination of the organization’s finances in light of ongoing concerns about the KFC Yum! Center’s financial future.

In a Dec. 27 letter, Harmon said his office will evaluate the arena authority’s compliance with its revenue sharing agreement and other contracts. Also, the audit will look at internal controls to gain a thorough understanding of certain management operations.

“If these procedures identify additional risks or red flags, we will consider expanding the scope of the audit,” Harmon said.

Last fall, Democrats and Republicans on the state legislature’s Capital Projects and Bond Oversight Committee asked for an audit of the arena authority, which manages the Yum Center. Legislators were worried that the arena authority wouldn’t be able to cover its future debt payments and also had concerns about the organization’s arrangements with the University of Louisville and the Kentucky State Fair Board.

Michael Goins, Harmon’s spokesman, said the auditor’s office will conduct a financial statement audit of the Arena Authority, which will hopefully be completed by the summer.

“We’ll just simply be looking at the financial statements, looking over invoices, doing anything that would encompass looking at the complete financials of the organization,” he said. “Our philosophy is we follow the data and see where it leads.”

This story will be updated.