University of Kentucky Basketball Museum Inc

The University of Kentucky Basketball Museum Inc is a US nonprofit organization dedicated to commemorating the rich history and tradition of the University of Kentucky basketball program. The museum, located in Lexington, Kentucky, was established with the goal of showcasing the achievements of one of college basketball's most storied programs.

History

The University of Kentucky Basketball Museum opened in February 1999 and was initially operated as an independent entity. However, due to financial challenges, the University of Kentucky Athletics Association agreed to manage the museum's day-to-day operations on a two-year trial basis starting in July 2000[1]. Despite these efforts, the museum continued to face financial struggles.

Closure

In July 2008, the museum closed its doors due to persistent financial difficulties. At the time of closure, it owed more than $3 million to several banks that had funded its creation. Despite having some of the most passionate fans in college basketball, the museum failed to achieve projected visitor numbers, averaging only about 18,000 visitors annually when consultants had anticipated 110,000[2].

Legacy

Following its closure, some exhibits from the museum were planned to be integrated into a public display, possibly within the University's on-campus facilities, though not as a traditional museum. The University of Kentucky Athletics Association assumed a portion of the museum's debt to help with financial restructuring[2].

Mission

The mission of the University of Kentucky Basketball Museum Inc was to design, construct, and operate a museum in recognition of the University of Kentucky basketball program's history and achievements[4].

Financial Information

The organization is registered with an Employer Identification Number (EIN) of 611254470. However, detailed financial records of the museum are not available in this overview.