The Indiana Pacers have agreed to a 25-year deal with the city of Indianapolis that commits approximately $800 million in public spending to keep the franchise in Indiana.

The Marion County Capital Improvement Board, which owns or manages the city's professional sports stadiums, voted unanimously in favor of the 157-page agreement at a Friday morning meeting.

The terms include $295 million in public money announced at the meeting to upgrade Bankers Life Fieldhouse and roughly $362 million — described by the CIB later in the day as averaging $14.5 million a year over 25 years — to operate it over that time. 

The $800 million total will come from a mix of local and state sales and income taxes.

Little research exists to suggest such deals pay off from a fiscal standpoint, said Ball State University economist Michael Hicks.

The deal includes a fee of as much as $750 million to be paid if the Pacers were to leave Indianapolis early.

The Pacers have been floating the idea of signing an extension in return for publicly funding upgrades to Bankers Life Fieldhouse for two years. 

Paul George isn't sure if the Indiana Pacers will retire his number someday.

"I’m not sure," said George. "And quite frankly, I’m not sure if I’ve done enough to have a jersey hung here. But that’s not in my hands."

The Pacers have only retired the jerseys of Reggie Miller, George McGinnis, Roger Brown and Slick Leonard.

"Well, I’m stacked up against a lot of greats. Again, what Reggie did here and the 18-plus years of excellence, that’s the last guy to do it, so that’s big shoes that I would’ve filled. … I would love to (have the jersey retired), because I can’t say I would’ve made it to where I’m at if it wasn’t for this opportunity here and the chance I got to be Paul George here. So we’ll see."

The Pacers traded George to the Oklahoma City Thunder during the 2017 offseason.

Bojan Bogdanovic and Paul George have been named the NBA's Players of the Week.

Bogdanovic averaged 22.5 points while shooting 46.4 percent from three as the Indiana Pacers went 4-0.

George averaged 37.0 points and 8.0 rebounds in Oklahoma City's 3-0 week.

The Indiana Pacers have agreed to sign Edmond Sumner to a two-year NBA contract. The deal includes a team option for the Pacers in 19-20.

Sumner was on a two-way contract with the Pacers.

Sumner has appeared in 17 games for the Pacers.

Wesley Matthews has agreed to a buyout with the New York Knicks.

Matthews will sign with the Indiana Pacers once he clears waivers.

The Pacers have a hole in the backcourt following Victor Oladipo's season-ending injury.

The Indiana Pacers will waive Ike Anigbogu to create a roster spot for their deal with the Houston Rockets.

Anigbogu was a second round pick out of UCLA in 2017.

The Houston Rockets have agreed to trade Nik Stauskas and Wade Baldwin to the Indiana Pacers.

Houston will also send cash and a second round pick.

The deal allows the Rockets to get under the luxury tax.

The Indiana Pacers have received multiple trade calls on the availability of Aaron Holiday.

The Pacers, however, have stopped taking inquiries on Holiday and will not trade him.

Holiday was the 23rd overall pick in the 2018 NBA Draft out of UCLA.

The Pacers' other backcourt options, Cory Joseph, Darren Collison and Tyreke Evans, all are on expiring deals.

Victor Oladipo has suffered a ruptured quad tendon in his right knee.

Oladipo will undergo season-ending surgery.

Oladipo suffered the injury in the second quarter of Wednesday's game.

Victor Oladipo was stretchered off the court after suffering a serious right knee injury in the second quarter against the Toronto Raptors. 

Trainers quickly put a towel over his knee. He will have an MRI on Thursday.

Oladipo is leading the Pacers in scoring, averaging 19.2 points per game.