The board of directors may enter into one or more intergovernmental agreements pursuant to chapter 7, article 3 of this title with the Arizona board of regents or with any institution under its jurisdiction in the county to lease university real or personal property. Any such lease may authorize the authority to sublease the property for any activity suited to the property, including sporting events. In addition, the board of directors, pursuant to section 11-702, subsection C, paragraph 6, may acquire ownership of or an ownership interest in any such property. Subject to the provisions of title 4, the board of directors may permit and regulate the sale, use and consumption of alcoholic beverages at events held on property acquired, leased or subleased under this section.