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Local sports and tourism leaders are hoping to secure additional financial help to lure big events as part of the ongoing biennial budget process at the Indiana Statehouse.
The Indiana Sports Corp. has already allocated most of the $10 million total it received for 2023 and 2024 for the Indiana Sports & Tourism Bid Fund, which it administers on the state’s behalf. Most of that amount has been used for events in Marion County, according to a bid fund report obtained by IBJ.
The law establishing the fund in 2022 requires at 30% of the money to be spent outside of Marion County. The funding is issued in the form of matching grants.
In Marion County alone, about $7 million has been been committed, including $5 million for World Wrestling Entertainment Inc. tied to a long-term deal announced last June. The first event in that deal will be Royal Rumble, a full weekend of events and activity—including the titular event at Lucas Oil Stadium—running from Jan. 31 to Feb. 2.
Indiana Sports Corp. has also dedicated $1 million each to the 2025 WNBA All-Star game and for a multi-year, multi-sport deal with the Big Ten Conference, two sources with knowledge told IBJ.
State Sen. Kyle Walker, R-Lawrence, said he hopes to secure the same amount of funding for the fund for the next two years as it received during the last two-year budget cycle. He said discussion about the amount is still tentative, but he thinks the money committed by the state to sports and event tourism has shown its value in the economic value events receiving the funds generate for Indiana’s communities.
“The bid fund has been a pretty astounding success since it was first instituted,” Walker said. “It’s been a boon to local economies in all the places where it’s been utilized. The budget is an ongoing discussion, and the starting point for the fund is less than in the prior budget, but it’s evolving conversation and I hope to be part of that and help maintain the level it currently receives.”
According to a bid fund report, the $8.67 million already earmarked for events through the fund will yield about $735.6 million in economic impact over the coming years.
Outside of Marion County, the Indiana Sports Corp. has committed or spent about $1.67 million for one dozen other events, including NCAA championships, youth sports events and the LIV Golf Indianapolis event slated for Westfield this August.
Patrick Talty, president of the Indiana Sports Corp. said he recognizes that it’s a “tough budget year” at the Statehouse, but said he believes the bid fund has proven its worth during its first two years in use.
“When you’re you’re looking at a $7 million investment [in Marion County] and you’re getting over $645 million in economic impact, that’s a darn good investment,” he said. “We feel really confident about the way we’ve been able to put this to use, and the way that the state has been able to put it to use. And so we think it’s an investment that would be worthwhile to continue.”
He said the use of the bid fund—which is also available for tourism events, such as conventions—will continue to be a major tool for counties across the state, if funding continues. He said multiple smaller counties, like Montgomery, Noble and Vigo, have already benefited from being able to offer their facilities for collegiate and professional sports events.
“For these communities that have great assets, it opens us up to be able to pitch them to rights holders and work with them to make sure that we are showing and highlighting what they have invested in,” he said.
“We’re super excited that this has allowed us to really lean in across the state. People forget this bid fund is being used statewide, and there are people across all of the counties that are taking advantage of it and benefiting from it.”
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Clearly, there is a great return on this money!! Rarely will state funds spent have a return such as this one!