Pacers to put up $63M for area upgrades

The Indiana Pacers have agreed to contribute $63 million for arena upgrades as part of a deal that is designed to keep the team in town for 25 years, according to the Indianapolis Star. The Indiana Senate approved legislation on Tuesday by a 48-1 vote. The bill gives the Marion County Capital Improvement Board and the Pacers until April to negotiate a new lease.

Indiana's current deal at Bankers Life Fieldhouse expires in 2024. The bill allows the board to raise money from taxes. It isn't yet known how much public money would be required.

The lease would last 25 years from the time it is signed as opposed to being an extension. The Pacers previously contributed $52 million for a new practice facility that opened in 2017.

The bill also keeps the possibility alive to fund a $150 million stadium for a potential Major League Soccer team.