The Lexington Center has announced a new agreement with the University of Kentucky which will keep men's basketball home games at Rupp Arena through 2033.

The 15-year lease was signed Thursday, and it also includes the use of the arena for Big Blue Madness, Blue/White Games, some women's basketball games and winter and spring commencements.

“This agreement extends the viability of Rupp Arena and ensures its vitality for almost 60 years," says Lexington Center Corporation chairman Craig Turner, "This commitment from UK stretches that vital contribution to the city and the state well into the future.”

As a part of the agreement, UK will control multimedia rights and souvenir sales during games. The university will make a $1.9 million yearly lease payment, but it will receive revenues from the creation of four clubs and club spaces used during games.

Some upper-level seats will also include chairbacks.

The current lease was set to expire at the end of the 2018 season.