- The CIB, i.e. taxpayers, will give $30 million over the next three seasons to the Pacers. That amount will be reduced every year.
- The CIB will make a minimum of $3.5 million of capital irmpovmements to Conseco Fieldhouse.
- If the Pacers move before 2013-14 season, they will repay $30 million to the CIB. This amount declines every year.
- The Pacers continue to receive 100% of the non-Pacer revenue on the building.
The Star article makes a reference to the existing $20 million penalty in the contract for early termination. That is a lie that apparently Paul Okeson, Anne Lathrop and possibly administration officials are peddling to members of the media. I have read thoroughly, several times, and done calculations on the penalty provision in the contract. There is no scenario by which the existing contractual penalty is only $20 million. The fact is in 2009 that penalty would have been about $150 million. It declines every year. This year, it would have been about $138 million.
The Simons cannot pick up and move the team under the existing contract. The contract can only be broken if 1) the team is losing money; 2) the team is being sold; and 3) the team is being relocated out of Indianapolis. Even then the Simons would have to pay the aforementioned $138 million.
It will be interesting to see if the CIB and City "negotiators" were such sell-outs that this amendment alters the existing 1999 contract to give the Simons the right to move the team, with little if any penalty. I wouldn't put it past people like Paul Okeson and administration officials to further sell the City's taxpayers down the river.