The value of the Indiana Pacers franchise skyrocketed by $355 million just since last year to $830 million, according to Forbes magazine.While the Star speculates that the soaring wealth of the Pacer franchise might reignite questions about the need to continue with huge taxpayer subsidy, anyone who knows how the CIB operates know that is not going to happen. During negotiations with the Pacers and Colts, CIB President Ann Lathrop and the other board members have consistently shown zero interest in doing what is in the best interests of Indianapolis taxpayers.
The Pacers rank 21st among the NBA's 30 teams. The Los Angeles Lakers were first at $2.6 billion.
In the annual report on franchise values, posted Wednesday, reporter Kurt Badenhausen attributed the huge growth in NBA franchise values to "a massive new $24 billion television contract, a nearly six-year bull market in equities creating tremendous wealth, and cheap credit."
The Pacers' value also increased 74 percent and could renew questions about the Capital Improvement Board's decision, less than a year ago, to use $160 million in tax money to cover operating costs and upgrades at Bankers Life Fieldhouse. The Pacers keep revenue from all fieldhouse events — basketball and non-basketball alike.
Forbes said the Pacers' revenue in 2013-14 was $139 million with operating income of $25 million.
Wednesday, January 21, 2015
Value of Pacer Franchise Soars; Of Course Huge Taxpayers Subsidies Will Continue
The Indianapolis Star reports: