Francesca Jarosz and Heather Gillers report in the Indy Star today that the Indiana Pacers and the Indianapolis Capital Improvemen Board (CIB) have reached an agreement that will pay the franchise $33.5 million over the next three years to help with operating costs and capital improvements to the building.
This is about two thirds of what the Pacers' were asking for in a long term deal but they should be happy to take this deal at this time. With a new NBA collective bargaining agreement on the table next summer, the economic landscape of the NBA could be vastly different in three years, as could the city's economics, so the city was smart to cut a short-term deal while continuing to work on ways for a long-term solution. In fact, in three years the CIB may give way to a private stadium operations entity that could run both Lucas Oil Stadium and the Fieldhouse.
Regardless, the Pacers aren't going anywhere which is the bottom line good news. After the jump, the deal's highlights along with links from around the NBA including John Wall's impressive debut in Las Vegas last night. The top pick in the draft may have been over-amped for the opener but he's so big and fast that the game he showed has to excite everyone in D.C. without a doubt.
Deal's highlights from Indy Star report.:
- The CIB will give $30 million over the next three seasons to the Pacers.
- The CIB will make a minimum of $3.5 million in capital improvements to Conseco Fieldhouse.
- The Pacers will continue to operate the fieldhouse and keep revenues from game and nongame events.
- If the Pacers move before the 2013-14 season, they will repay $30 million to the CIB by June 30, 2013.
- The amount the Pacers repay will be reduced for each season that they continue to play at Conseco: If they play the 2013-14 season, they'll repay $28 million; by 2018-19, that would fall to $1 million.
City reaches $33.5 million deal to keep Indiana Pacers | Indianapolis Business Journal
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