Pacers agree to 25 year deal to stay in Indy, fund arena

[Scoot McGroot]

https://www.indystar.com/story/news/politics/2019/04/12/indiana-pacers-25-year-deal-team-indy-agree-295-m-deal-over-25-years/3427430002/

The numbers have jumped around in early reporting, but appear to be $790m over 25 years in public funding. Glad they'll stick in town for the long term. Personally, sad to continue to see such public funding go to private sports teams, especially as their "values" have skyrocketed over the past decade. It would cost the Pacers $750m to break the 25 year lease early.

Still awaiting final votes and such, but appears to be on it's way through.

[Tom White]

This is likely to be an unpopular view here, but I hate seeing such use of "public funds", meaning tax dollars, going to "privately owned" sports teams. There are so many people in need, it just doesn't strike me as a proper thing to do.

[Scoot McGroot]

This is likely to be an unpopular view here, but I hate seeing such use of "public funds", meaning tax dollars, going to "privately owned" sports teams. There are so many people in need, it just doesn't strike me as a proper thing to do.

Young me would holler at you telling you you’re wrong and the Pacers are an important public investment.

Old me says “I agree.”


I do like that the Pacers goosed the news by saying that they were responsible for over $150m in salaries in the greater Indy area every year. Well, the players make $110m. What’s the salaries for the GM, Coach, President, advisors like Donnie Walsh and Larry Bird, and even the owner? I’d imagine thats another $20m or more total. Meaning that the real number in terms of public impact (real Hoosiers being hired) is less than $20m a year total, and we’re investing an additional $30+m a year into the team for that.

But, alas, a discussion to be had before the decision is made, not after. If we could somehow pass a law to prevent any city/state in the country from making these subsidy payments, I’d be ecstatic. But until then, it’s just teams and leagues pitting cities and states against each other with threats to move.

[Jake0890]

I’m very glad that the Pacers are here to stay, but I certainly don’t feel great about footing a renovation bill for a man worth $3.2 billion.

[Jake0890]

For what it’s worth though, the new plans to turn the north end of the arena (outside of it) into a Georgia street esque place is very cool.

[boomershadow]

I don't love the use of public money to fund sports teams and stadiums, but unless I plan to give up being a fan of sports entirely, I don't know what to do about it much or what better alternative there is. NCAA basketball is at least twice as messed up from an ethics and money point of view as the NBA is. The NFL has that little thing where the players regularly get life altering injuries and the league tried to cover it up for years. World Cup soccer has "third world dictatorship" levels of corruption in their organization.

The NBA by comparison is not too bad.

[Tom White]

As they used to say on the radio - "And the hits just keep on coming!"

This is from an AP article on the agreement:

A long-term agreement with the Pacers has been a condition of the state Legislature’s bill making the subsidies available for the arena project. No new taxes will be imposed, but the tax revenue related to the hotels will be diverted from the state, city and local schools

End of the AP snippet.

We know that education dollars are already tight, so these will need to be replaced (hopefully) somehow. My guess is you will see an increase in property taxes as one way to help off-set this. So the part about "no new taxes will be imposed" will likely ring false. It will just be in a round about way.

[Tom White]

I don't love the use of public money to fund sports teams and stadiums, but unless I plan to give up being a fan of sports entirely, I don't know what to do about it much or what better alternative there is. NCAA basketball is at least twice as messed up from an ethics and money point of view as the NBA is. The NFL has that little thing where the players regularly get life altering injuries and the league tried to cover it up for years. World Cup soccer has "third world dictatorship" levels of corruption in their organization.

The NBA by comparison is not too bad.

I'm not entirely knocking what you are saying, but I would caution that doing a comparison to determine a "lesser of evils" can be a slippery slope. Isn't it better to just judge each on their own merits and problems? Its kind of like saying would you rather be stabbed in the arm or leg, when we really hope neither happens?

[Scoot McGroot]

As they used to say on the radio - "And the hits just keep on coming!"

This is from an AP article on the agreement:

A long-term agreement with the Pacers has been a condition of the state Legislature’s bill making the subsidies available for the arena project. No new taxes will be imposed, but the tax revenue related to the hotels will be diverted from the state, city and local schools

End of the AP snippet.

We know that education dollars are already tight, so these will need to be replaced (hopefully) somehow. My guess is you will see an increase in property taxes as one way to help off-set this. So the part about "no new taxes will be imposed" will likely ring false. It will just be in a round about way.

From reading on it; it doesn’t appear to be new taxes imposed, merely that if these arena expansion payments weren’t using the tax money, it would go into general fund and then go to other uses. It’s never been used for education, and the hotel taxes and whatnot wouldn’t be eliminated if the Pacers weren’t funded, but if the deal didn’t go through it would go to that (but realistically, it would go to another large corporation in tax luring and whatnot, I’m sure).

[Pacers_Freak]

I’m the biggest don’t spend tax money on a private business guy in the world. However, I am glad the Pacers have stability in Indy. I think this is a win for the state because not to sound crude but Simon won’t be around forever and this means the team will stay. I’m not sure this makes up the difference but as an out of towner every time I go to a game I get a hotel downtown, eat, drink, etc. They are a nice boost to the economy.