A one-year extension of the Indiana Pacers' lease on Bankers Life Fieldhouse is now official.

The Marion County Convention and Recreational Facilities Authority has given routine final approval to the extension announced Monday by the Capital Improvement Board. Because the authority is the issuer of the bonds which built the arena, it's legally required to give its blessing to the extension.

The deal keeps the Pacers in Indianapolis through the end of next season and gives the team a 10-million-dollar loan for operating expenses at the fieldhouse while city and team officials continue talks on a long-term extension.