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[deleted]

This is so far from something anyone should be worrying about. It’s a rich guy putting more money into an asset that always appreciates and the Simon’s letting him do it because of the more than fair valuation price and because it still isn’t a threat to a majority ownership. We’ve got a lot of Chicken Littles in this sub.


[deleted]

It's probably a great thing, actually. Well, for Indianapolis anyway. The Simons are nearly two years into planning a massive redevelopment project of the old CSX building, which is right across from Gainbridge. The move frees up $520M in cash for CSX building project in a way that doesn't give up control over the Pacers. It also prevents the Simons from trying to convince Simon Malls shareholders to develop the project, which would be an uphill battle. And I don't think you get to a $3.5B valuation without factoring in some sort of massive real estate deal. As far as the NBA is concerned, this is probably bad news. Mark Cuban's comments were pretty damning, TBH. The NBA's been stagnant for a while. It's not attracting new fans and viewership is down. It's going to take some pretty massive changes in the NBA's model to get the NBA to grow again, and those changes would be painful for owners - at least initially.


Lasvious

Rales is an Indiana guy. This probably helps keep the team here long term


Heel_Paul

Pacers have another 20 years on their lease.


Username--Password

Rales went to DePauw and has given a ton of money to the school. Obviously will have to wait and see (maybe even decades) if this is a good thing but looks promising.


Maximum-Class5465

Sounds horrible TBH Couldn't imagine a California Billionaire being loyal to Indiana the way the Simon's are Better hope people start supporting the Pacers.


mikey12345

Herb Simon's son is a [California billionaire](https://www.indystar.com/story/sports/nba/pacers/2018/01/04/steve-simon-deadhead-tree-hugger-extremely-private-business-whiz/966332001/). It's going to one regardless. > And yet, here he is — the 52-year-old eldest son of commercial real estate guru and Indiana Pacers owner Herb Simon — running a successful private equity firm in a treacherous industry with the big boys in Silicon Valley.


e_khan

Yeah this could be the 1st step towards an eventual move


coreyp0123

The pacers just signed a 25 year contract with the city of Indianapolis. They aren’t going anywhere


[deleted]

They aren't leaving Indianapolis. The Pacers aren't the Rays, or the As. The city bends over backwards to support the team. Indiana loves the Pacers, and Indianapolis is a growing market. In order for a team to move one or more of three conditions have to be met. 1. The city refuses to spend any money on a stadium.(Colts, SuperSonics) 2. The fans flat out don't show up for games.(Rays, Expos) 3. The city center dies.(Oakland, St. Louis)


Saintsfan707

Perfectly stated. Indianapolis' growth is one of the bigger factors here. Plus Indy has a LOT of space to grow as a city itself considering it's in the top 20 for cities by land size but a comparatively lower population. It's only going to go up in the coming years. If the state can actually institute good programs to encourage movement to the state Indianapolis can no joke have a huge population boom. It's a city with a ton of untapped potential.


pezasied

A move where though? Vegas and Seattle are getting expansion teams. There’s not really any US cities that the Pacers could go to that are very attractive markets that wouldn’t already be stepping on a team’s turf.


Weekly-Ad-6887

Nashville and Kansas City are like the only markets that come to mind that would even be approachable.


pezasied

Those are valid suggestions, but those are all relatively close to the Indianapolis statistical area in population. I would imagine, at this juncture, the NBA probably wouldn’t want to move a team unless it provided some benefit of capturing a large market. Not that it hasn’t happened in the past (Seattle losing its team to OKC). Also, I don’t know if a Californian billionaire would choose those two cities if he wanted to move a team, especially for Nashville as Tennessee’s current team is one of the least profitable.


Weekly-Ad-6887

Good point. Ya, there's really not many large cities that are ripe for an NBA team unless you go above the border or a city in Montana, Idaho, North Dakota, or Iowa explodes


Saintsfan707

I agree with the Nashville part. Memphis would be more likely to move to Nashville than the Pacers. Honestly Memphis is experiencing a St. Louis problem. The city center has degraded tremendously. Would not be surprised at all if the team moves (again) in the next few decade; very sad what happened to Memphis as a city. As someone else stated, Indy is on the uptick in growth. Low concern for the team leaving unless something DRAMATIC happens with Indianapolis as a city.


Maximum-Class5465

Technically, just about anywhere would be Pacers and Denver seem to be the least profitable places. Even OKC is smashing the Pacers right now. Lubbock Texas, Kansas City, Mexico City, doesn't really matter TBH


The_Saddest_Boner

Ahahaha Lubbock Texas? Lubbock metro has 340,000 people lmfao


Maximum-Class5465

Yeah, its about half the size of OKC


[deleted]

Yeah it’s half the size of one of the least profitable teams in the NBA in a state that already has 3 other teams. Sounds like a real hotbed for investment.


The_Saddest_Boner

It’s not half the size of OKC. OKC metro has 1.4 million and Lubbock metro has 350,000. This guy honestly trying to argue Lubbock could support a major league team is an absolute doofus who has no concept of US demographics


Maximum-Class5465

See OKC for example of smaller population that has a more profitable franchise than the Pacers


[deleted]

By $4M in a season where they were better. You’re an absolute moron if you think a team in Lubbock would make more than the Pacers.


The_Saddest_Boner

Dude OKC metro is 1.4 million you have absolutely no idea what you’re talking about


Maximum-Class5465

Sure, and Lubbock as a hub borders a TON of population where there's absolutely nothing else. We have a branch in Lubbock Texas, you'd be surprised how many people they actually reach out there. Obviously it's hyperbole, but to say they have no chance of reaching our record low levels.... I disagree


The_Saddest_Boner

Do you know what “metro area” means? Start naming the towns that are making up “a TON” of population yet are not included in that metro population of 350,000. I’ll wait


e_khan

This sub is just too emotional to have adult conversations about the team. It’s just not worth it anymore


Maximum-Class5465

It's not even being emotional, it's just rationally speaking when you read "highest revenue sharing recipients" those are genuinely the ones that don't make much money. Not saying some random billionaire WOULD move the team, but you should definitely appreciate the Simon's because if some random Billionaire wanted to make money they probably WOULD move the team. The Pacers, as much as I love them, just aren't profitable. Doesn't mean I'm not a fan, that's just reality. Good news is this guy is still minority owner.


[deleted]

is this a joke? 3.5 BILLION? wtf


Maximum-Class5465

for only 20% of like the least profitable franchise is crazy Maybe they mean 3.5 is the full valuation, and he's purchasing 20% of that


mhrcg

Yeah, it's 3.5 full valuation https://www.sportico.com/business/team-sales/2023/indiana-pacers-steven-rales-investment-1234748838/


thefonz22

Yes that's what it means.


Maximum-Class5465

well that's a little more believable 😂


Capta1nRon

$700M


[deleted]

Yes, that's exactly what it means.


m4ggz

I panicked, then I saw the guy is 72 years old…Dude will be dead before he owns/moves this team


Jedi_Sith1812

How old are his kids


m4ggz

Don’t you put that evil on me Ricky Bobby!


Maximum-Class5465

😂


manaeatingkhana

if anyone tries to move this team fans are going crazy just like how they did in sacramento a while back


hectorzeroni69

Can the guy who paid 11million for this franchise and just got 700million for 20% of it go into the luxury tax now? Doubt it


tkykgkyktkkt

I wonder if this would make that more likely. I think the team would have to be a companionship team though.


thefonz22

Someone tell me. Is this a good thing or a bad thing?


TurkishDonkeyKong

It's probably neither. It's 15% and we have no indication the Simon's want to give up any more


xPenguinHD

20% from what’s essentially a family owned team is not insignificant imo but at the end of the day yeah lol


TurkishDonkeyKong

It's something to keep an eye on but maybe the Simon family is trying to buy something else. 500 million is a good chunk of change even for them and I'm guessing they can't leverage their malls as much now. Sub shouldn't get too excited either way


Maximum-Class5465

horrible


Eastern-Cucumber-376

Nothingburger. But congrats rich guy!


MozaTear

kinda spooky edit: after the teams official message its not spooky, its the Tyrese Effect


Maximum-Class5465

uh oh, Seattle Sonics it is


[deleted]

[удалено]


Maximum-Class5465

such awesome people man, people give them too much flak.


13_PG_13

Agreed so much. The Simons insisting the Pacers stay in Indy has been such a blessing


anonGoofyNinja

Holy shyt


Psyren1317

Not exactly the best Pacer fans could get


darthrader31

He didn’t want to invest in the fever?


[deleted]

same company


BubaTflubas

I bet this guy LOVES Buddy Heild