Quick Facts: Indiana Pacers
| Current Owner | Herb Simon / Simon family (~80%) |
| Ownership Type | Private |
| Founded | 1967, as an ABA franchise |
| Headquarters / Arena | Gainbridge Fieldhouse, Indianapolis |
| Minority Owner | Steven Rales (20% stake, since Dec. 2023) |
| Simon Family Background | Simon Property Group (shopping malls/real estate) |
| Parent Entity | Pacers Sports & Entertainment |
Who Owns the Indiana Pacers?
The Simon family, led by Herb Simon, controls the Indiana Pacers through Pacers Sports & Entertainment, holding roughly 80% of the team.
Herb Simon and his late brother Melvin bought the team in 1983, building their basketball ownership alongside the shopping-mall empire, Simon Property Group, that made the family’s fortune.
In December 2023, Simon agreed to sell a 20% stake to billionaire Steven Rales, who has ties to Indiana, up from a smaller 5% stake Rales had held previously — a deal aimed partly at ensuring long-term local-ish continuity as Herb Simon has aged.
Herb Simon retired as chairman emeritus of Simon Property Group in February 2025, but has continued as owner and chairman of Pacers Sports & Entertainment — the mall business and the basketball team have always been separate as far as his day job goes.
Indiana Pacers Ownership History
This is a remarkably stable ownership story — one family for over four decades, with a gradual, planned transition now underway.
| Year | Event | Owner / Key Figure | Notes |
|---|---|---|---|
| 1967 | Founded as ABA franchise | Original ABA ownership group | Joined NBA in 1976 merger |
| 1983 | Bought by Simon brothers | Herb & Melvin Simon | Start of Simon family era |
| 2000 | NBA Finals appearance | Simon family | Lost to LA Lakers |
| 2010 | Melvin Simon dies | Herb Simon (sole controlling owner) | Herb continues as chairman |
| 2023–Present | Steven Rales buys 20% stake | Herb Simon (80%) + Steven Rales (20%) | Gradual ownership transition underway |
About the Simon Family
Herb and Melvin Simon built Simon Property Group into the largest shopping mall operator in the United States, a business entirely separate from their basketball ownership but the source of the family’s core wealth.
Melvin Simon passed away in 2010, leaving Herb as the Pacers’ sole controlling family figure for over a decade before the Rales stake sale began broadening the ownership group.
Steven Rales, the newer minority owner, made his fortune through Danaher Corporation, an industrial conglomerate he co-founded with his brother — giving him a business background distinct from, but comparable in scale to, the Simons’ real estate empire.
Key Ownership Highlights
- One family has run the team for over 40 years: Herb and Melvin Simon bought the Pacers in 1983, and Herb remains chairman today — a level of continuity few NBA franchises can match.
- The Rales stake sale reads as succession planning: Expanding Rales’ stake from 5% to 20% in late 2023 suggests the Simon family is preparing for eventual ownership transition as Herb Simon ages.
- Simon Property Group and the Pacers are entirely separate businesses: Despite sharing the Simon name, the shopping-mall company and the basketball team have no direct corporate connection.
- The 2000 Finals run remains the franchise’s high-water mark: Indiana’s only NBA Finals appearance came under Simon family ownership, falling to Kobe Bryant and Shaquille O’Neal’s Lakers.
- Herb Simon’s 2025 retirement was from the mall business, not the team: He stepped back as chairman emeritus of Simon Property Group in February 2025 while remaining active as Pacers owner and chairman.
Frequently Asked Questions
Who owns the Indiana Pacers today?
Herb Simon and the Simon family hold roughly 80% of the team through Pacers Sports & Entertainment, with billionaire Steven Rales owning a 20% minority stake since December 2023.
Who founded the team that became the Pacers?
The franchise was founded in 1967 as an ABA team, joining the NBA in the 1976 ABA-NBA merger.
When did the Simon family buy the team?
Herb and Melvin Simon purchased the Pacers in 1983.
Is Herb Simon still involved in the Simon Property Group mall business?
He retired as chairman emeritus of Simon Property Group in February 2025, but this is separate from his continued role as Pacers owner and chairman.
Who is Steven Rales?
A billionaire co-founder of industrial conglomerate Danaher Corporation, who expanded his Pacers stake from 5% to 20% in a December 2023 deal.
