INDIANAPOLIS - Pacers Sports & Entertainment and the Capital Improvement Board have agreed to a long-term deal to keep the Pacers and Indiana Fever in Indiana and provide funding mechanisms for $360 million in upgrades to Bankers Life Fieldhouse. The CIB approved the 25-year deal this morning. Planned upgrades include an outdoor plaza and additional luxury and open seating options.

The more than $300 million in improvements would be funded through a combination of sources, including Pacers Sports & Entertainment, the city of Indianapolis and the state legislature. $270 million will come from state and CIB sources, the city of Indianapolis is committing $25 million and PS&E will invest $65 million. The team says the improvements are necessary to make sure Bankers Life Fieldhouse "remains a world-class facility" and can compete with other arenas.

CIB President Melina Kennedy says the upgrades will also make sure the fieldhouse can continue to attract hundreds of additional conferences and events to Indianapolis each year.

"The Simon family has always desired for the Pacers to stay in Indiana for the long term," said Herb Simon, owner of Pacers Sports & Entertainment in a release. "The new agreement ensures that the Pacers will be here and that the Fieldhouse will continue to be the best facility for generations of fans and guests."

Kennedy and PS&E President Rick Fuson will be guests this weekend on Inside INdiana Business With Gerry Dick.