Steven Rales buys 15 percent stake in Pacers at $3.47B valuation

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.