The Pacers and the city of Indianapolis have agreed to a 25-year deal that commits roughly $800MM in public spending to keep the team there, Chris Sikich of the Indianapolis Star reports. The agreement will run through the 2043/44 season and include extension options for another three seasons.
The Marion County Capital Improvement Board, which owns and manages the city’s professional sports stadiums, voted unanimously in favor of the agreement on Friday. The terms include $295MM to upgrade Bankers Life Fieldhouse and approximately $362MM to operate the facility. Another $120MM will be spent on technological upgrades.
A large outdoor plaza and upgraded suites are part of the renovations. Construction is expected to begin next year after the Pacers season ends, according to an Associated Press report. Construction will be suspended ahead of the NBA All-Star Game there tin February 2021. The final phase of the project is expected to be completed in 2022. The WNBA’s Indiana Fever will play their home games from 2020-22 at another facility.
The terms are still contingent on the Indiana General Assembly creating a way to pay for most of that deal, according to the Star’s report. The contract includes clauses to protect the city from the team making any effort to leave before the agreement expires, including a penalty of as much as $750MM.
The new deal will supersede the Pacers’ current one, which was set to expire in 2024.