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.