Indianapolis, Pacers Agree to 25-Year, $295M Contract to Retain Team

The Indiana Pacers will remain in Indianapolis for at least 25 more years after the two sides reached a new long-term agreement.

Per Chris Sikich of the Indianapolis Star, the Indiana House voted 78-13 Thursday to approve a new 25-year, $295 million deal to keep the Pacers.

The bill will now move to the senate for approval.

The Pacers' current lease agreement with Indianapolis was set to expire in 2024.

Sikich reported in February the bill being discussed would include $115 million from the Pacers, with $63 million of that amount being used to upgrade Bankers Life Fieldhouse and related facilities. The remaining $52 million was used to open the new practice facility located near the arena.

The city of Indianapolis and the Marion County Capital Improvement Board will combine to spend $295 million on additional upgrades to Bankers Life Fieldhouse over the course of the 25-year agreement.

The Pacers have been located in Indianapolis since the franchise launched as an ABA team in 1967-68. They won three titles in their first six seasons before joining the NBA prior to the 1976-77 season.

In 43 NBA seasons, the Pacers have made the postseason 26 times with one appearance in the NBA Finals after the 1999-00 season.