POSTED: Apr 10, 2014 8:27 PM ET
INDIANAPOLIS (AP) — The Indianapolis Capital Improvement Board reportedly has struck a deal to pay about $160 million to the Indiana Pacers to keep the NBA franchise in the city.
The Indianapolis Star and the Indianapolis Business Journal reported Thursday that the deal due to be announced Monday will keep the Pacers in the city through the 2023-24 season. The agreement includes options to renew the deal for three years.
The reports said the deal includes $33.5 million for upgrades to Bankers Life Fieldhouse and $10.8 million per year for operations. The Pacers would not be allowed to terminate the agreement because of operating losses. The city also gets the right of first refusal if 79-year-old team owner Herb Simon dies and his heirs put the team up for sale.