Mar 19, 2010, 3:58 PM EDT
Michael K. Ozanian of Forbes is reporting that the Indiana Pacers owner Herb Simon will receive and offer for $230 million or less in the next two months. While Simon will still make a killing on the investment after purchasing the team for $10 million back in ’83, when you look at the standard rate for teams ($300 million for the Bobcats in ’03), it still seems pretty cheap.
The big question of course will be who the new owner will be and what his plans are. The most likely scenario is a local investor to pop in and potentially revitalize the team, keeping it in the spot it’s been in since the ABA days (NETO 4 LIFE). But the possibility always lurks around the corner of an investor swooping in, purchasing the deal, and then Clay-Bennetting off with Indianapolis’ beloved franchise. The similarities would be jarring, with the rise of the local football team complicating factors and the decline of the current franchise.
Simon may elect not to sell of course, but as Forbes reports, the estimated $150 million in debt could be a huge complicating factor in that. There are definitely opportunities for teams elsewhere if an owner wanted to move the team, with the perennial favorites Anaheim, Las Vegas, Kansas City, and San Diego all options (because really, we don’t have enough California teams apparently).
Conseco Fieldhouse is eleven years old. Which is probably considered ancient in the bizarro world of arenas.
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