UConn needs to manage the XL and the Rent because it fixes a multitude of problems. The state should symbolically transfer them to the university for $1.
For the XL Center, UConn isn't the primary tenant. The Wolf Pack are. Because they're 40ish dates. So they get priority scheduling. Which is, obviously, completely insane. UConn needs to get in charge there and the only way that happens is if UConn controls the building.
A similar thing happened in Lowell, where UMass Lowell got control of the Tsongas Center and its not a coincidence that their hockey program (their equivalent of BB) immediately took off. In this case, UConn would actually get all of the ticket revenue, and concessions revenue and maybe even, gosh, a cut of the parking revenue.
Things are bad for the athletic department financially, but they're also getting absolutely screwed out of a large chunk of money that by all accounts nobody but UConn deserves.