Urban Indiana

Pacers to sell 15% ownership stake in franchise to billionaire Steven Rales

The Simon family plans to sell an additional stake in the Indiana Pacers to billionaire businessman and film producer Steven Rales.

The Simons, who have owned the franchise since 1983, will sell a 15% stake in the team, according to sports business publication Sportico, increasing Rales' ownership from 5% to 20%. The deal values the franchise at $3.47 billion.

The acquisition, which is pending approval from the National Basketball Association, will see the Simons retain management of the Pacers and Pacers Sports & Entertainment.

According to Forbes, Rales has a net worth of $7.5 billion and has spent $525.5 million to acquire his 20% stake in the Pacers.

More below:
https://www.ibj.com/articles/pacers-to-sell-another-15-of-franchise-to-business-magnate-steven-rales?utm_source=ibj&utm_medium=home-latest-news