• Loading stock data...
Saturday, June 15, 2024

The Story Behind The Pacers’ $800 Million Deal

pacers-800-million-deal
Photo Credit: Brian Spurlock-USA TODAY Sports
pacers-800-million-deal

Photo Credit: Brian Spurlock-USA TODAY Sports

*This piece first appeared in the Front Office Sports Newsletter. Subscribe today and get the news before anyone else. 

The Indiana Pacers are staying in Indianapolis for the foreseeable future.

According to Chris Sikich of the Indianapolis Star, the team and city agreed to a 25-year deal that commits around $800 million in public funding to keep the team in town.

What do you need to know?

1. The Marion County Capital Improvement Board, which owns or manages the city’s professional sports stadiums, voted unanimously in favor of the deal.

2.  Thanks to the deal, the Pacers will play in Indianapolis through the 2043-44 NBA season, with options to extend it another three years.

3.  If the Pacers were to skip town early, they would have to pay as much as $750 million to the city.

4. The $800 million in public funds would come from a mix of local and state sales and income taxes that are collected on auto rentals, hotels and other amenities in some proximity to the Fieldhouse.

What do you get for $800 million? 

– $295 million – Upgrades to Bankers Life Fieldhouse

– $362 million – Money set aside to operate the building over the course of the next 25 years

– $120 million – Money set aside to make technology upgrades over the course of the next 10 years

– $17.6 million – Money set aside for maintenance

– $4.6 million – Money set aside for improvements to the video and sound system

As for the upgrades…

Along with the $295 million allocated by the government, the team will add an additional $65 million on top of that to bring the total for renovations and upgrades to $360 million. For comparison’s sake, the Fieldhouse only cost $183 million to originally build, according to the Indianapolis Business Journal.

All the money for upgrades will go toward the creation of a public plaza near the Fieldhouse, the addition of more public areas inside the venue, the creation of horseshoe-shaped gathering places, new observation decks and enhanced suite areas.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Charles Barkley Announces Retirement From Television Broadcasting

During his postgame comments after Game 4 of the 2024 NBA Finals,…
Jan 13, 2021; Washington, DC, USA; The U.S. Capitol Building is seen on Jan. 13, 2021, one week after it was stormed by a pro-Trump mob while a joint session of Congress was certifying the 2020 election victory of President Elect Joe Biden.

House Committee Sends Bill Banning College Athlete Employment to House Floor

The bill has gone further than any other athlete compensation legislation.
May 10, 2024; Lake Forest, IL, USA; Chicago Bears quarterback Caleb Williams during a press conference before Chicago Bears rookie minicamp at Halas Hall.

Caleb Williams Launches Investment Firm Before Signing a Bears Contract

Williams announced 888 Midas for private equity, VC, and real estate deals.
podcast thumbnail mobile
Front Office Sports Today

How the US Open is Designed for Drama

0:00

Featured Today

Jan 3, 2022; Pittsburgh, Pennsylvania, USA; General view of the NFL shield logo signage before the Pittsburgh Steelers host the Cleveland Browns at Heinz Field.

Odds Stacked Against NFL in Multibillion-Dollar Sunday Ticket Trial

Why the class action trial does not look promising for the league.
Jan 7, 2024; San Francisco, California, USA; Toronto Raptors forward Jontay Porter (11) takes a three-point shot against the Golden State Warriors during the second half at Chase Center.
June 9, 2024

‘Bound to Happen’: The Age of the Sports Betting Scandal Has Arrived

A banishment, betting scheme, and guilty plea all in one scandal-filled span.
June 8, 2024

‘Experimental in Nature’: The Rapid, Confounding Rise of Streaming Bundles

Here’s why confusion continues to outweigh solutions in the streaming package boom.
June 2, 2024

The Nostalgia Market: Michael Jordan’s Memorabilia Remains Coveted, With Caveats

Due to scarcity, and sometimes, items’ undisclosed whereabouts, this world has limitations.

Rays Nearing $1.3B Stadium Deal, Clear Path to St. Pete Commitment

The St. Petersburg city council gives preliminary approval to the Rays’ $1.3 billion stadium project.
June 6, 2024

Where Will the Browns Play Next? Team Has Viable Stadium Options

Both the city of Cleveland and suburban Brook Park heighten their stadium pitches to the Browns.
June 13, 2024

Back in the ’Burbs? Bears Weighing Renewed Stadium Interest from Cities

Two suburban jurisdictions renew their efforts to land the Bears, despite the team’s downtown stadium plans.
Sponsored

How HOKA is Reimagining the NIL Relationship

HOKA, the renowned athletic footwear and apparel brand, is betting on a new reality with NIL.
June 5, 2024

Kansas Makes Timely Play for Chiefs Stadium: Why It Could Happen

State legislative leaders publicly back consideration of funding for a new Chiefs stadium.
June 3, 2024

Panthers Propose $800 Million in Bank of America Stadium Renovations

The Carolina Panthers would be on the hook for maintenance and overruns.
Jun 4, 2023; New York City, New York, USA; Exterior view of Citi Field prior to a Major League Baseball game between the New York Mets and the Toronto Blue Jays at Citi Field.
May 29, 2024

Mets Owner Steve Cohen’s Parking-Lot Casino Hopes Are Dying

The state senator announced she won’t introduce legislation required to advance the project.
May 28, 2024

‘Time Is Money’ for the Bears’ New Home. Now the Wait Is Even Longer

Illinois legislature set to adjourn spring session without considering the team’s funding request.