Billionaire Steven Rales purchases 15% stake of Indiana Pacers / News - Basketnews.com

Steven Rales, a film producer, has increased his share in the Indiana Pacers from 5% to 20%.

Credit: ason Miller; Rodin Eckenroth/Getty Images Credit ason Miller; Rodin Eckenroth/Getty Images

Herb Simon, chairman and owner of Pacers Sports & Entertainment, announced Thursday night that he is selling a 15% stake of the Indiana Pacers to billionaire Steve Rales.

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The 72-year-old who founded the Danaher Corp., a life sciences company, in 1984, and has become a movie producer, already owned a 5% stake in the team.

According to Forbes, Rales purchased the 15% at a $3.47 billion evaluation. In total, $525.5 million was spent by Rales to now possess 20% of the franchise. Per the same report,Rales has a real-time net worth of $7.5 billion.

Simon released a statement on X:

"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 of 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 the 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."

Forbes valued the Pacers at $2.9 million in October and Rales' worth at $7.5 billion. Rales serves as chairman of the board at Danaher, which has become involved in several industries and had around $31.5 billion in sales in 2022. Danaher focuses on tax avoidance and cash flow, according to Forbes.

Rales founded the Indian Paintbrush movie production company in 2006, and it has worked frequently with director Wes Anderson, including on this year's 'Asteroid City.'

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