The Indiana Pacers are owned by Herbert Simon, who holds an 80% majority stake, and Steven Rales, who holds the remaining 20%. Simon has controlled the franchise since 1983, making him the longest-tenured owner in the NBA. Rales completed his current stake in late 2023 at a franchise valuation of $3.47 billion.
Herb Simon, Majority Owner Since 1983
Herb Simon and his late brother Mel bought the Pacers on April 27, 1983, for $11 million.1WRTV. Pacers Still Call Indiana Home Thanks to Herb and Mel Simon The team was in real danger of leaving Indianapolis. Previous owners had been openly discussing relocation, and then-Mayor William Hudnut pushed to find a local buyer. The Simon brothers, already established as Indiana real estate developers, were that buyer.
Mel Simon died in September 2009, and Herb consolidated the family’s controlling interest afterward. He is now 91 and still the majority owner.2Forbes. Herb Simon He retired as chairman emeritus of Simon Property Group in February 2025, but kept the Pacers. The Naismith Memorial Basketball Hall of Fame inducted him as a contributor in 2024.3National Basketball Association. Herb Simon, Pacers Sports and Entertainment Chairman and Owner, Named to 2024 Class of the Naismith Basketball Hall of Fame
Who Takes Over After Herb Simon
Herb’s son, Steve Simon, is an owner and the alternate governor of Pacers Sports & Entertainment. Under NBA rules, each franchise designates a governor to vote on league matters and an alternate to act in that person’s absence. Steve has been involved in the organization’s day-to-day operations for years, sitting in on departmental meetings and overseeing financial planning.4The Indianapolis Star. Doyel: Pacers Owner Herb Simon Reveals Succession Plan, Team’s Future in Indy
Herb Simon has publicly said Steve will take over the franchise if anything happens to him, and that the family has already handled the estate tax planning that typically forces sales of generational sports assets. “It’s always a big tax problem when someone dies, for the next generation, but we’ve worked that tax problem. We won’t have a problem with that,” Simon said.4The Indianapolis Star. Doyel: Pacers Owner Herb Simon Reveals Succession Plan, Team’s Future in Indy
Steven Rales, 20% Minority Owner
Steven Rales, co-founder of the life sciences conglomerate Danaher Corporation, is the only other equity holder. He first bought a 5% stake quietly, then agreed in late 2023 to buy an additional 15%, bringing him to 20% at a $3.47 billion franchise valuation. The combined stake came to roughly $525 million.5Forbes. Billionaire Steven Rales Buys 15% Ownership Stake In Indiana Pacers
Rales shares in the franchise’s financial appreciation but does not control basketball operations or major business decisions; management stays with the Simon family.6Fieldhouse Files. Indiana Pacers Owner Herb Simon Agrees to Sell More Team Equity His brother Mitchell is an investor in the NFL’s Washington Commanders, giving the Rales family broader ties across professional sports.
Pacers Sports & Entertainment
The ownership group operates through Pacers Sports & Entertainment, the corporate entity that runs the business side of everything the Simons and Rales own. PS&E handles broadcast rights, sponsorships, ticketing, marketing, community programs, and arena management.
Mel Raines became president and CEO of PS&E in 2024, the first woman to hold the top executive role in franchise history. She oversees business operations for the Pacers, the WNBA’s Indiana Fever, the G League’s Noblesville Boom, and Gainbridge Fieldhouse.7Indiana University. Pacers CEO, IU Professor to Offer Advice as Keynote Speakers at IU Bloomington Commencements The Fever and the Boom are owned by the same group; the Boom, based at The Arena at Innovation Mile, replaced the Indiana Mad Ants as the Pacers’ developmental affiliate.
Why the Team Is Staying in Indianapolis
The Pacers play at Gainbridge Fieldhouse, which is owned by the Capital Improvement Board of Marion County. In 2019, the CIB approved a 25-year agreement with PS&E that keeps the team in Indianapolis through roughly the mid-2040s. The deal brought $360 million in capital improvements, with about $270 million from state and CIB sources, $65 million from PS&E, and $25 million from the City of Indianapolis.8National Basketball Association. CIB Approves New 25-year Agreement with Pacers Sports and Entertainment Combined with the Simon family’s publicly worked-out succession plan, that commitment is the clearest signal available that ownership is not going anywhere.