Billionaire Steven Rales buys 15% ownership stake in Indiana Pacers from Herb Simon

INDIANAPOLIS — Billionaire Steven Rales will become a minority owner of the Indiana Pacers after purchasing 20% of the franchise from Herb Simon.

Rales, a 72-year-old DePauw grad, had already owned a 5% stake in the team and purchased another 15% at a $3.47 billion evaluation, according to a report by Sportico. The sale is still pending NBA approval.

Simon confirmed the news with the following statement on Thursday evening:

Fobes estimates Rales’ worth at $7.5 billion. He is the co-founder of Danaher Corporation and founded the Indian Paintbrush movie production company.