Indiana Pacers to Remain in Indianapolis Following 25-Year Deal
Despite scoring just 29 second half points in a Game 1 loss to the Boston Celtics, the Indiana Pacers did receive some good news following the rough weekend.
The Pacers will remain in Indianapolis long term.
On Monday, it was announced that the franchise has agreed to a 25-year deal with the municipal government to stay put after an estimated $800-million commitment in public spending. The Marion County Capital Improvement Board voted unanimously in favour of maintaining the team in Indiana.
The CIB has approved a deal to fund $360M renovation, expansion of Bankers Life Fieldhouse and spend nearly $800M over 25 years to keep the Pacers in Indy for the long term. https://t.co/1GTA9AxaH3 pic.twitter.com/7728xvkcck
— IBJ News (@IBJnews) April 12, 2019
As per the terms, $295-million will go towards upgrading Bankers Life Fieldhouse, while $362-million will go towards operating the facility over the 25 year span. The $800-million will be taken from a combination of local and state sales and income taxes.
The Pacers will be required to pay a $750-million feel if they opt to leave the city early.