City officials, Pacers reach $33.5 million deal to keep team in Indianapolis at least 3 years

City, Pacers deal keeps team in Indianapolis

INDIANAPOLIS — The mayor’s office says Indianapolis officials and the Indiana Pacers have agreed a deal under which the team will stay at Conseco Fieldhouse the next three seasons while the city pays $10 million a year for running the arena.

A spokesman for Mayor Greg Ballard says the city’s Capital Improvement Board also will pay for a minimum of $3.5 million in fieldhouse improvements.

Robert Vane says the Pacers will have to repay at least $30 million if they move after those three years.

A spokesman for the Pacers didn’t immediately respond to a request for comment on the deal first reported by The Indianapolis Star.

The Pacers have sought to renegotiate their arena lease that runs until 2019, saying the franchise has spent at least $15 million a year in operating costs.