Indiana

Early Discussions

By Abdul Hakim-Shabazz

If the Indiana Pacers wanted to break their contract with the Capital Improvement Board because of their failing financial health, they could do so.

That’s according to CIB officials.  However the Pacers would have to pay a penalty which could be used to conceivably keep Conseco Fieldhouse open for years.

CIB Vice-President Pat Early has been heading up negotiations with the Pacers and saus while they aren’t engaging in negotiations, they are having “discussions.”  Early says the Pacers have submitted financial reports which show them losing money and those reports allow the Pacers to exercise an early termination clause in their contract with the CIB.   If the Pacers were to exercise that clause they would be on the hook for the millions of dollars.

Early cautions however that if the Pacers left, the city would still have to find a way to keep Conseco operating with no primary tenant.

The CIB approved a budget this year that did not include any money for operating Conseco.

Negotiations are expected to begin in earnest later this year.

You can hear all of Early’s comments below.

Pat Early

Full post as published by Indiana Barrister on September 15, 2009 (boomark / email).