So what do you get for the sports team owner who already got a free $183 million arena, $33 million in operating subsidies, another $160 million in operating subsidies when those ran out, a free $3.5 million roof repair, free land for a a
free $50 million practice facility, and a free $2 million tunnel to connect the free practice facility with the new arena? How about a “major” renovation of your now 18-year-old arena:
“For me to sign a long-term lease, which is what I really want to do for the city, we’re going to have to plan it for the 21st century,” [Indiana Pacers owner Herb Simon] said. “Things have changed. People’s viewing habits are different with more social environments. It takes a major redo because the bones are great and we want to keep it here. We love the feel that people get, but we want to enhance the fan experience and keep us current. That’s going to take a lot of money.”
That’s not quite a move threat, you’ll notice, but it is at least a glancing non-threat threat, since Simon is saying he won’t sign a long-term lease once his current one expires in 2024 unless he gets these “major” arena renovations. (If you’re wondering why the Pacers will be on their third lease renewal just 25 years after moving into a new arena, blame Stephen Goldsmith.) He also cleverly didn’t say how much money the renovations would cost beyond “a lot,” or how much of that he’d be requesting Indiana to pay for, though “a lot” seems like a fair bet there as well.
Given that the Pacers are already up around
$430 million $380 million in subsidies for an arena that cost less than $200 million to build, getting even more public money for upgrades would easily push them into “sweetheartest arena deal in history” territory. I would say that the local government’s appetite for subsidies has to wear thin someday, but this is Indiana, so apparently not. At least the city of Indianapolis didn’t have to cut funding for arts programs and close public pools to pay for all this — oh wait, never mind.