INDIANAPOLIS — Steven Rales, an investor in the Indiana Pacers, has purchased an additional ownership stake in the NBA team.
Chairman and owner Herb Simon posted a message about the transaction Thursday on X, formerly Twitter.
In the post, Simon said Rales had expressed an interest in acquiring a minority investment in the franchise and will, pending league approval, own 20% of the franchise.
Simon went on to say management of the Pacers 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," the message concluded.
According to an article in Forbes.com, Rales already owned a 5% share in the franchise and purchased another 15% at a $3.47 billion evaluation.
Indianapolis will host the 73rd NBA All-Star Game on Sunday, Feb. 18 at Gainbridge Fieldhouse.
