INDIANAPOLIS (WISH) — Herb Simon, chairman and owner of Pacers Sports & Entertainment, announced Thursday night that he is selling a 15% stake of the Indiana Pacers to billionaire Steve Rales.

Simon released a statement on X, formally Twitter:

“My good friend, Steven Rales, who has strong Hoosier ties and is a graduate of DePauw University and co-founder of Danaher Corporation, which is the owner of Indiana-based life sciences company Beckman Coulter, expressed an interest in acquiring a minority of investment in the franchise. After considerable discussion, Steven is going to become a minority owner of 20% of the franchise pending league approval. Management of the franchise remains under the Simon family control. The Simon family is as committed to Indiana today as we have been since we moved here from New York in the 1960’s”

Rales previously owned 5% ownership stake in the Indianapolis NBA team, so the deal would increase that to 20%.

According to Forbes, Rales purchased the “15% at a $3.47 billion evaluation. In total, $525.5 million was spent by Rales to now possess 20% of the franchise.”

Also, according to Forbes, Rales has a real-time net worth of $7.5 billion.

The Indiana Pacers (9-7) play the Miami Heat (10-8) were playing Thursday night in Miami.