Steven Rales is set to acquire a 15 percent ownership stake in the Indiana Pacers, valuing the basketball team at $3.47 billion.
This comes in addition to his existing five percent ownership, bringing his total interest in the Pacers to 20 percent.
As part of the deal, there is a provision that could potentially give Rales control if the Simon family decides to sell.
This provision might take the form of a standard “right of first refusal” or a “right of first offer,” providing Rales with a special opportunity to secure a deal before a broader sales process is initiated.
The Simon family initially bought the Pacers for $11 million in 1983.
Notably, Steven Rales, along with his brother, is a co-founder of Danaher, a company that has evolved into a diverse science and technology manufacturing firm through strategic acquisitions.
Steven Rales Buys 15 Percent Stake In Pacers At $3.47 Billion Valuation https://t.co/ZKFvMjrbTR
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