According to The Associated Press, the agreement includes $295 million in public subsidies to upgrade Bankers Life Fieldhouse, while the Pacers will contribute $65 million toward the renovations. The Marion County Capital Improvement Board (CIB) - which owns or manages Indianapolis' professional sports stadiums - will reportedly spend roughly $362 million to operate the Bankers Life Fieldhouse during the span of the deal and allocate up to $120 million for technology upgrades.
The CIB voted unanimously in favor of the agreement, according to Chris Sikich of the Indianapolis Star. The Pacers' current lease was set to expire in 2024.
"The Pacers have a long history in downtown Indianapolis, from the move to Market Square Arena in 1974 to the opening of Bankers Life Fieldhouse 25 years later," CIB president Melina Kennedy said, according to the team's site. "Today we are pleased to announce the Pacers will stay in Indiana where they belong for at least another 25 years."
Sikich reports that the Pacers will remain in town through the 2043-44 NBA season and have options to extend their stay another three years.
Bankers Life Fieldhouse has played host to the Pacers since its opening in 1999 and the WNBA's Indiana Fever since 2000. It previously hosted the 2014 Big Ten Conference men's basketball tournament and the 2011 NCAA Women's Final Four.
The stadium will host the 70th NBA All-Star Game in 2021.