Downtown sports venues poised for upgrades in CIB’s 2026 budget

Victory Field, home of the Indianapolis Indians. (IBJ photo)

Lucas Oil Stadium and Victory Field are set to get upgrades next year as part of the Capital Improvement Board’s budget.

The venues, both of which are operated by the board along with the Indiana Convention Center, are among those designated for $35.2 million in planned improvements approved as part of the agency’s overall budget on Friday.

The CIB anticipates a combined $211.7 million in tax and operating revenue for 2026, a drop of about 10% from its 2025 budget projection. That shift includes a projected $10.3 million, or 7%, increase to its tax revenue and a $34 million, or 40%, decline in operating revenue.

The latter figure is due to the CIB’s decision to restructure reimbursements it anticipated receiving from the city for the Signia hotel project now under construction that will see the board repaid through sale proceeds if the city-owned hotel is ever sold.

The CIB expects to have a net deficit of $35.5 million by the end of 2026, with operating expenses projected to come in at around $247 million—a drop of $25.1 million, or 9.2%, from this year’s budget figures. The CIB anticipates a reserve fund of about $209 million by the end of 2026.

Andy Mallon, executive director of the CIB, said he’s confident the board will outperform its projections this year, just as it has in virtually every year since the 2020 coronavirus pandemic hampered the agency and its funding model.

“Really, the budget that we put together is what we think is a reasonable worst-case scenario,” he said. “I don’t anticipate us actually being in the red by $35 million for 2026 … Our revenue projections are conservative, and we intend to outperform those.”

Lucas Oil Stadium, which opened in 2007, is expected to receive a $7.5 million upgrade to its Wi-Fi system and switch controls as part of the board’s capital improvements. The update would come about seven years after the CIB split the cost of a significant 2019 overhaul of the system evenly with the Indianapolis Colts and Verizon Wireless. The cost of that project was about $7 million.

Mallon said it’s too soon to know whether the Colts or another third party would contribute to the project’s costs, but discussions are ongoing. In total, the stadium is expected to receive about $9.4 million in improvements in 2026, with most of the balance being spent on items like food service areas, a dishwasher, an x-ray machine and safety barriers. 

The 15,000-person capacity Victory Field is also in line to have most of its affixed seats replaced following the 2026 season, in a $4 million project the CIB anticipates splitting 50-50 with the Indianapolis Indians. Most of the 12,000 or so permanent seats are original to the stadium, which opened in 1996.

The CIB also plans to spend about $16.7 million on the development of three skywalks: a connector to the Signia hotel and Indiana Convention Center addition across Capitol Avenue ($8 million); a bridge between Gainbridge Fieldhouse and the Shinola Hotel project spanning Pennsylvania Street ($5 million); and a connector between the planned Indiana Fever’s practice facility and the Virginia Avenue Garage across Maryland Street ($3.7 million).

The agency plans to also spend about $1.5 million on updates to its office areas and boardroom, with a focus on enhancing security.

As for a possible soccer stadium, Mallon said the CIB is still working toward design and construction contractor goals, but the budget doesn’t account for much in additional expenditures.

That’s because any funds for vertical construction would likely come from a bond issuance from a separate entity, such as the city or the state, if plans move forward. The project has been in a limbo due to financial challenges, including determinations about the state’s contribution to such a project. The CIB is hoping to finalize a price for a stadium in the first half of next year.

“We have to get some work done to help everybody out,” Mallon said.

Projections for the CIB’s revenue don’t account for shows that haven’t been finalized, although Mallon teased that some significant concerts could be in the works for Lucas Oil Stadium for the 2026 calendar.

“We had Billy Joel and Sting this year, but that’s really been the only concert,” he said. “I’m not announcing them, because they could all fall apart, but we’re hoping to have a better year next year, and hopefully in the next couple of weeks we’ll be able to make some announcements. We’re not doing that until the ink’s on the paper.”