The Indiana Pacers have set a deadline of June 30 to get a deal worked out with the city’s Capital Improvement Board concerning the team’s request for $15 million annually to cover operating costs at Conseco Fieldhouse.
According to the lease signed in 1999, the Pacers have been responsible for covering the costs. A clause in the lease lets the organization renegotiate terms after 10 years. The team says it can't afford to continue covering the costs.
CIB President Ann Lathrop told IBJ last week that she remains confident CIB and Pacers officials will continue to work amicably to resolve the issue.
“It’s something we have been working on for some time, and continue to work on,” Lathrop said.
Pacers officials said it is important to get a deal ironed out by June 30 to coincide with the end of the franchise’s fiscal year.
Pacers President Jim Morris told IBJ earlier this year that the team lost $30 million during the last fiscal year and that this fiscal year also is shaping up to be a financial loser.