Pacers getting $33.5 million to stay in IndianapolisPosted by Inside Hoops
The Indianapolis Star reports:
The Indiana Pacers are staying in Indianapolis, but it will cost taxpayers at least $33.5 million over the next three years.
The city and the Pacers are expected today to announce an agreement hailed by some as an important step in protecting the financial state of the city but criticized by others as a multimillion-dollar bailout of a professional sports team and its billionaire owner…
Under the terms, control of Conseco Fieldhouse — and revenues from all events there — will remain with the team, but unlike the current contract, the city will chip in $10 million per year for fieldhouse operations for the next three years. The city also will pay at least $3.5 million for capital improvements at the fieldhouse, an amount that has the potential to increase by up to $4.7 million.
In exchange, the Pacers must stay in Indianapolis through the 2012-13 basketball season or pay back the entire $30 million. The team also would be on the hook for a portion of that $30 million if it left before its contract expired in 2019.