INDIANAPOLIS – City officials are expected to approve a deal Monday that will keep the Pacers in Indianapolis for 13 more seasons.
Indianapolis' Capital Improvement Board is a quasi-governmental agency that helps run Bankers Life Fieldhouse, home to the Pacers and WNBA's Indiana Fever; Lucas Oil Stadium, home of the NFL's Colts; and the city's convention center.
Terms of a new Pacers deal call on the board to pay $3.7 million annually for fieldhouse operating expenses and another $7.1 million, with a 3 percent annual escalator clause, in reimbursements for management of the arena. It also calls for $26.5 million in capital improvements and $7 million to replace scoreboards and other "major systems."
City leaders get "right of first offer" if the heirs of Herb Simon's estate try to sell the team.