re: Why do some SEC schools have their men and women's bball in different arenas?

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Seems like a waste of money?

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For Kentucky it isn't. Memorial is the gym that the men played in before Rupp Arena, so it was an established facility. It can also accommodate smaller crowds that women's game draw on average, even though the women will play bigger games in Rupp from time to time. And often hosts other sports such as volleyball.

The Joe Craft Center practice facility was built where the women have exactly what the men have (a practice court for each team). It's been well worth it for both programs.