INDIANAPOLIS (WISH) – The Pacers and the city have reached a deal to keep the team here for at least another ten years.
According to documents obtained by 24-Hour News 8, this new agreement extends the Pacers’ and Fever’s stay through the 2023-2024 season, with three one-year options after that.
24-Hour News 8 learned the Capital Improvement Board is set to vote on the deal Monday.
Under the new terms, the Pacers will create a separate entity, “Fieldhouse Management LLC,” to manage and operate the Fieldhouse.
The Capital Improvement Board will pay certain things like utilities, security, and liability insurance directly, totaling about $3.7 million dollars a year.
They’ll also pay $7.1 million dollars a year as an operating reimbursement to the “Fieldhouse Management LLC.”
The CIB is also set to pay $26.5 million dollars on capital improvements at Banker’s Life Fieldhouse over the next ten years, for the locker rooms, seating, etc. Under the deal, they will also pay $7 million dollars to replace items that need replacing, like carpet.
Sources say the money from the board is not general tax revenue, so it can’t be used for other city needs.
Sources also say that economic impact from the Fieldhouse and the teams is at least $208 million a year.
Other terms of the deal include a provision in the case of Herb Simon’s death.
The documents show if the Pacers’ lender call their current loans mature, then the Pacers have to try to get replacement financing. The CIB would have about 15 months to help the Pacers get that financing. If they don’t find anything, and the Pacers decide to sell the team, “the City is entitled to a Right of First Offer.”
The city last signed a three year deal with the Pacers in 2010. They extended that by one year at the end of 2012.