Passing A Law
The Indiana governor in April 2019 agreed to pass a law which will see $400 million invested in two sporting facilities in the state. In passing the bill, the Pacers are set for a revamp of their arena while a new soccer stadium is also set to be built. The Pacers agreed to stick around in Indiana for at least another 25 years so now it looks as though they’re going to have a fancy place to call home.
There is an estimated $270 million being put into the redevelopment of the Bankers Life Fieldhouse largely from the state. Money is also coming in from local income and the sales taxes earned through the sale of several hotels near the arena.
Through the $400 million project, a new soccer stadium is due to be built that will house the Indy Eleven soccer team. That soccer stadium, and the basketball arena, are being funded by taking resources from other areas of the state. It’s estimated that around 80% of the funding for the stadium and arena have come from tax subsidies.
The money is being directed away from state, city, and local schools. While it might seem as though those things are more important than sports, governor Holcomb believes the redevelopment will be a boost the state. Sports franchises, particularly successful ones, can bring extra income and revenue to an area.
The Pacers will be hoping their redeveloped home can change their fortunes on the court and push them to the next level. Maybe they’ll be able to put in deeper runs in the playoffs with an improved arena.