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INDIANAPOLIS — The Indiana Pacers are staying put.

The team and the City of Indianapolis have reached an agreement that would keep the Pacers in town for another 25 years.

The deal includes $360 million in capital improvements. That breaks down as:

  • $270 million from the state and Capital Improvement Board
  • $65 million from the Indiana Pacers
  • $25 million from the City of Indianapolis

Funds from the city are to be used exclusively for public infrastructure improvements.

Plans include building a new, year-round outdoor plaza by Bankers Life Fieldhouse. The plaza will include a skating rink in the winter.

Pacers owner Herb Simon issued this statement:

The Simon family has always desired for the Pacers to stay in Indiana for the long term. The new agreement ensures that the Pacers will be here and that the Fieldhouse will continue to be the best facility for generations of fans and guests.