[Saba Sports News] Steven Rales, a billionaire film producer, is reportedly making moves that could position him as a future majority owner of the Indiana Pacers. According to Sportico, Rales has acquired an additional minority share in the Pacers. Initially owning 5%, he’s now purchased another 15%, based on a team valuation of $3.47 billion, bringing his total stake to 20%.
A key aspect of Rales’ new investment is that it might provide him a pathway to become the controlling owner if the Simon family, the Pacers’ current majority owners, ever decide to sell. This agreement could grant Rales either the right of first refusal or the first offer right, the latter allowing him an exclusive opportunity to negotiate for the team prior to a broader sale process.
Rales, 72, is a notable figure in the film industry as the founder of Indian Paintbrush Productions. His company has produced acclaimed films like “Fantastic Mr. Fox,” “Moonrise Kingdom,” and “The Grand Budapest Hotel” in collaboration with director Wes Anderson. He is also a co-founder of the Danaher Corporation, a medical and industrial conglomerate, alongside his brother Mitchell Rales, who is part of the Washington Commanders’ ownership group.
The Pacers have been under the ownership of real estate developer Herb Simon since 1983. Herb, now 89 years old, has plans for his eldest son, Stephen Simon, to succeed him as the team’s governor. However, there have been rumors in recent years about the Simon family considering a sale, and Rales’ recent actions suggest he may be preparing for such an opportunity.