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It is expected to generate 4 million over 20 years.In September 2008, financing was completed for the new waterfront arena.This came at a time when the House budget committee earmarked funding for the arena only if it was built at the water company site.Others, including Papa John's Pizza founder John Schnatter, a major donor to the U of L athletic program, criticized the LG&E location due to its higher cost.

The Louisville Cardinals men's and women's basketball teams from the University of Louisville are the primary tenants of the arena complex.With 22,090 seats for basketball, it is the second-largest college arena by seating capacity in the Commonwealth of Kentucky, behind Rupp Arena at the University of Kentucky, and the third-largest in the United States, behind the Carrier Dome at Syracuse University and Rupp Arena.Early arena planning focused on two potential arena sites: one owned by the Louisville Water Company bounded by Liberty Street, Muhammad Ali Blvd, 2nd and 3rd Streets, and one owned by Louisville Gas & Electric (LG&E) on the waterfront between 2nd and 3rd Streets on Main.The minimum pledge is 6 million towards the construction of the arena in annual installments between 20.Under the deal, the Louisville Arena Authority can ask the local government for up to .5 million more a year to cover the debt only if at least five other sources are drained.

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