The Indiana Pacers and the city of Indianapolis have agreed to a reworking of the team’s lease for Conseco Fieldhouse, with the city agreeing to pay the team $10 million annually for running the facility.
The team has claimed poverty in recent years and sought to change the terms of the Conseco Fieldhouse lease. While the current lease is still in play, the addendums give the team some financial breathing room while committing the NBA franchise to the city for at least three more seasons. If the team were to leave Indianapolis after three years — which has been raised as a possibility by others, as cities like Seattle have already made inquiries with the Pacers front office — the team would need to repay the $30 million paid by the city for arena management.
As part of the deal, the city’s Capital Improvement Board — which actually owns the arena — will pay for a minimum of $3.5 million in improvements.
The team has struggled in recent years, both on the court and off. The team averaged only 14,202 fans per game this past season while compiling a 32-50 record.
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