Aw, man, I should have known that Indiana state bill to limit Indy Eleven to $20 million in public money for renovations to their current stadium would be too good to be true. The latest snag: Indiana University-Purdue University Indianapolis, which owns the stadium, says it would actually cost $50 million to $60 million to make it soccer-ready:
[IUPUI VP Tom] Morrison told lawmakers that Carroll Stadium, built in 1982, is “in desperate need of repair” and that a new, midsize stadium would fill “a gap in our community in terms of (sports) venues that size.”
Before you say anything: Yes, Indy Eleven is already playing at Carroll Stadium, and drawing well for a minor-league soccer team, so presumably fans aren’t afraid the place is going to fall down. No, Morrison didn’t say where that $50-60 million price tag came from. No, he also didn’t offer to pay for it, saying the school could only help pay for upgrades “around the edges,” and that hosting concerts probably wouldn’t bring in much money, so “I wouldn’t build a financial model around it.”
What appears to be going on here is that IUPUI has noticed that they could get a new(ish) stadium out of this deal, and so are presenting the state legislature with a wish list to see how much exactly they can get. Right now the state bill still limits state funding to $20 million, but there’s still the city of Indianapolis to hit up for cash, so keep one hand on your wallets, Hoosiers.