According to the Associated Press, the Indiana Pacers and the city of Indianapolis agreed to deal in which the city will help pay for Conseco Fieldhouse for the next three years. It will be a three-year $30M deal as the city pays $10M a year. The city’s capital will pay at least $3.5M for the Fieldhouse’s improvements.
If the Pacers decide to leave, they will have to pay back $300M. I really don’t see that happening, personally. This adds on to the existing contract, which means it will run out in 2019. But if the Pacers decide to leave early, they need to pay some fees.
The Pacers look to renegotiate their arena lease, as they are paying $15M a year for that. Robert Vane, a spokesman for mayor Greg Ballard, says that the deal is good as Indianapolis would have paid $20M a year if the team left.
“You’d be paying for it anyway,” he said. “The building’s not going anywhere. If the Pacers leave, you have an empty building.”
I think this is showing a stronger sign Indy isn’t leaving and it is going to help a lot.