NBA basketball franchise the Indiana Pacers are set to remain in Indianapolis after a deal worth a reported $160m (€116.1m) was agreed to keep the team in the city.
The agreement, which was struck by the City of Indianapolis, locks the team into the Bankers Life Fieldhouse arena for at least 10 years with three additional one-year renewal options, according to the Indianapolis Star newspaper. The deal will run through the 2023-24 season and potentially through to the end of the 2026-27 campaign, which would coincide with the final debt service payments on the Fieldhouse.
The quoted $160m will go towards covering operating costs and facility upgrades to the arena, including $33.5m for upgrades and $10.8m per year for operations.
Indianapolis Mayor Greg Ballard said: “The Indiana Pacers and (WNBA team) Indiana Fever attract hundreds of thousands of people to Indy on an annual basis. Many downtown workers and businesses rely on those fans for their income. Amenities like professional sports, art and museums make our community a more vibrant and attractive place to live and do business.”
The city’s Capital Improvement Board is expected to vote on the deal on Monday.