There will be no "new" Rupp arena for years. I'm willing to bet A LOT of money on that.
Simple fact blocking it: The financial markets will not support a project like the Yum Center right now. And won't for years.
Finance guys who love the Cards know that we BARELY got the Yum Center financed just before the markets collapsed. The investment banking firm of Goldman Sachs that underwrote the financing for it, frankly almost went under themselves in that chaotic time.
We were lucky as hell.
And UK is not.... :-)