The naming rights for the new downtown arena have been secured. It will be called the KFC Yum! Center. The Louisville Arena Authority and Yum! Brands inked a $13.5 million ten-year agreement for the name.

Here is the WFPL story.

And here’s a piece of the joint statement:

The $13.5 million, 10 year agreement is between Yum! Brands, Inc. (NYSE: YUM) and Team Services, LLC, a leading naming rights agency that was retained by the Louisville Arena Authority (LAA) to market this exclusive opportunity. It includes a right of first negotiation to extend the agreement for five years beyond the 10 year agreement if both parties agree in the eighth year.

“We are absolutely thrilled to unveil our new arena name, KFC Yum! Center,” said Jim Host, Chair of the Louisville Arena Authority. “We have been patient throughout this process, knowing the excitement was building for this particular day when we could announce which company would capitalize on this marquee naming rights partnership. We are deeply appreciative of Team Services’ efforts in culminating the naming rights transaction with Yum! Brands.”

In exchange for its naming rights investment, Yum! Brands, Inc. is afforded the opportunity to have prominent exterior signage positions, including overlooking the Ohio River, as well as a position on the arena roof.