Indiana Pacers: Steven Rales is set to acquire 20% of the franchise for $3.47B

The Indiana Pacers have been owned by the Simon family since 1983. That was nearly 40 years ago. Now, Simon is changing for the future.

The Indiana Pacers have been owned by the Simon family since 1983. That was nearly 40 years ago. Now, Simon is looking ahead to the future, and allowing new ownership into the Pacers’ franchise. Steven Rales will acquire a total of 20% of the franchise for reportedly $3.47B.

Steven Rales is 72 years old, which makes him 17 years younger than the Pacers’ current majority owner, Herb Simon (89). Steven Rales also attended college at DePauw University in Greencastle, Indiana.

Rales certainly has the capital to invest in a franchise, as his net worth was estimated by Forbes in July 2023 to be over $7.3 billion.

Rales also founded a production company in 2006, which works closely with Wes Anderson, a popular director. A few of my favorite movies he has produced include Fantastic Mr. Fox and Isle of the Dogs. More recently, it was Asteroid City that he helped produce, which was released this year. I have yet to see that.

Herb Simon released a statement today regarding the decision:

“My good friend, Steven Rales, who has strong Hoosier ties and is a graduate of DePauw University and co-founder of Danaher Corporation, which is the owner of Indiana-based life sciences company Beckman Coulter, expressed an interest in acquiring a minority investment in the franchise. After considerable discussion, Steven is going to become a minority owner of 20% of the franchise pending league approval. Management of the franchise remains under Simon family control. The Simon family is as committed to Indiana today as we have been since we moved here from New York in the 1960s”.

This move should be helpful to Indiana and the Pacers, as Simon is not getting younger, and the Pacers will eventually need to have a change at the top of the table. Of note from Simon’s statement, the family will still be in control of the team at this time.

The Simon family adding someone who grew up in Indiana and studied here is important. Certainly, Rales knows how much this team means to the state and now he is a part of a bright future for Pacers basketball.