This is an archived version of a Field of Schemes article. Comments on this page are closed. To find the current version of the article with updated comments, click here.
January 29, 2009
Colts stadium losing even more money
Remember how the public's costs of operating the Indianapolis Colts' Lucas Oil Stadium were running $10 million a year over initial projections? Well, now it's $20 million. Or maybe $35 million.
"I'm hoping it's a first-year cost and ... not an ongoing type of cost," state senator Luke Kenley told TheIndyChannel.
Kenley probably shouldn't read today's Bond Buyer, then, which mentions: "Part of the problem is the possibility of $15 million in increased costs for the Conesco (sic) Fieldhouse as the National Basketball Association's Pacers renegotiate their lease this year." The Pacers' lease gives them the right to renegotiate after this year; why the city is already anticipating giving them a $15 million a year rent break is beyond me. Even if they are losing money, what are they going to do, move to Kansas City?