The Indiana Pacers will remain in Indianapolis until at least the 2023/24 season after a deal was struck by the city's capital improvement board.
This is according to the reports from the Indianapolis Star and the Indianapolis Business Journal cited by NBA.com, which suggest that a deal worth approximately $160 million was agreed to keep the Pacers until that date along with the option of another three years.
The same source also reports that such an agreement includes $33.5 million to be made available for improvements to Bankers Life Fieldhouse, $10.8 million for annual operations and also a first option if anything were to happen to owner Herb Simon and his successors opted to put the team up for sale.
The Pacers have been in Indiana for their entire 47-year existence to date. Initially an ABA franchise, they were absorbed into the NBA in 1976.
And while they haven't won a title since that merger, the last couple of years have seen them become a real threat at the top of the Eastern Conference.
Having lost in game seven of the playoff semi-finals to the reigning champion Miami Heat last year, Frank Vogel's crew resolved to secure the number one seed and homecourt advantage heading into this year's postseason.
And while they occupied top spot for most of the campaign, the Pacers have been in free-fall of late, losing seven of their last 10 and being overtaken by Miami in the standings.
The Pacers and the Heat square off for the final time before the playoffs tonight at AmericanAirlines Arena.