May 28, 2013; Indianapolis, IN, USA; Fans cheer as Indiana Pacers center Roy Hibbert (55) scores and is fouled on a play going to the basket against the Miami Heat in game four of the Eastern Conference finals of the 2013 NBA Playoffs at Bankers Life Fieldhouse. Indiana defeats Miami 99-92. Mandatory Credit: Brian Spurlock-USA TODAY Sports

NBA Rumors: Pacers sign lease to remain in Indianapolis through 2023-2024

The Indiana Pacers weren’t leaving Indianapolis any time soon, but just in case the notion ever came up, it won’t be happening for at least another ten seasons and likely longer.

According to Tony Cook of the Indy Star, the Pacers will remain in Indianapolis through the 2023-2024 season with one-year options for the following three years.

In exchange, the city will pay $160 million dollars towards operating costs and facility upgrades at Bankers Life Fieldhouse.

The agreement locks in the Pacers through the 2023-2024 basketball season, and possibly through the end of the 2027 season. That coincides with the final debt service payments on the fieldhouse.

The deal sticks even if the Pacers begin to lose money.

The city’s Capital Improvement Board will subsidize team operating costs to the tune of $3.7 million a year. That will cover things like liability insurance, security and utilities. The CIB will also pay the fieldhouse’s manager $7.1 million a year, with that amount rising 3 percent each year.

Indianapolis (or even Indiana, in general) without the Pacers wouldn’t seem right and the team leaving was about as likely as myself going on a date with Kate Upton tonight, but it’s still nice to know that the new lease will keep one of the premier NBA franchises where they belong.

Tags: Indiana Pacers

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