Per NBA.com, the city of Indianapolis has paid the Indiana Pacers to keep the franchise in the city until the 2023-24 NBA season.
Reports say the deal is to be announced on Monday. The agreement includes options that can renew the deal for three years.
In the deal, it includes $33.5 million in upgrades for Bankers Life Fieldhouse and an additional $10.8 million per year for operations. The Pacers will not be allowed to terminate the agreement due to operating losses.
In addition, the team has the rights of first refusal is current team owner Herb Simon, who is 79 years old, dies and the team decides to be put up for sale.
