Pacers Agree To 25-Year Deal With $800M In Public Money

[RealGM Wiretap]

The Indiana Pacers have agreed to a 25-year deal with the city of Indianapolis that commits approximately $800 million in public spending to keep the franchise in Indiana.

The Marion County Capital Improvement Board, which owns or manages the city's professional sports stadiums, voted unanimously in favor of the 157-page agreement at a Friday morning meeting.

The terms include $295 million in public money announced at the meeting to upgrade Bankers Life Fieldhouse and roughly $362 million — described by the CIB later in the day as averaging $14.5 million a year over 25 years — to operate it over that time. 

The $800 million total will come from a mix of local and state sales and income taxes.

Little research exists to suggest such deals pay off from a fiscal standpoint, said Ball State University economist Michael Hicks.

The deal includes a fee of as much as $750 million to be paid if the Pacers were to leave Indianapolis early.

The Pacers have been floating the idea of signing an extension in return for publicly funding upgrades to Bankers Life Fieldhouse for two years. 

Via Chris Sikich/Indianapolis Star

[Mosdefinition]

Now imagine if they tried to raise that money for health care or for schools

[JAYZGOAT]

Now imagine if they tried to raise that money for health care or for schools

Sad truth brother.

[dubbmotta]

Now imagine if they tried to raise that money for health care or for schools

Why would they? It doesn’t make money..This is America..all about capitalism..not saying I agree with it

[Dan33185]

Now imagine if they tried to raise that money for health care or for schools

They do, it's called taxes.

[23artest23]

I love the Pacers and want them around but really dislike the idea of public funding. Too many other far more important things that could use funding to promise 800,000,000 towards an organization owned by the 1%.

[cheese318]

I love the Pacers and want them around but really dislike the idea of public funding. Too many other far more important things that could use funding to promise 800,000,000 towards an organization owned by the 1%.

Problem is if the Pacers fielded calls you would have Seattle and many other cities offering to bring the team to their city

[Cassius]

Now imagine if they tried to raise that money for health care or for schools

They do, it's called taxes.

The article says that public funds (i.e. Taxes) are paying for this, too.

[Mosdefinition]

Now imagine if they tried to raise that money for health care or for schools

They do, it's called taxes.

Public funds shouldnt be used for this

[23artest23]

I love the Pacers and want them around but really dislike the idea of public funding. Too many other far more important things that could use funding to promise 800,000,000 towards an organization owned by the 1%.

Problem is if the Pacers fielded calls you would have Seattle and many other cities offering to bring the team to their city

Your absolutely correct. I'm not sure what the answer is...I like my team but don't feel it should be funded by the public. I'm aware of trickle down economics and I'm sure it comes into play but it still doesn't justify $800m of public funding.