Owning an NBA team doesn't come cheap.
Today's league features dozens of billionaire owners who have made their fortunes in industries as varied as tech, real estate, fashion and even basketball (looking at you, Michael Jordan).
But while some owners are relatively new to the game, others have been around for decades at the helm of their team. One example is Pacers owner Herb Simon, who has been in charge for nearly 40 years.
Here's everything you need to know about Herb Simon, billionaire businessman and longtime owner of Indiana's only NBA franchise.
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Herb Simon net worth
According to Forbes, Simon's net worth is in the region of $3.4 billion.
Simon made his fortune in real estate as the Chairman Emeritus and co-founder of Indianapolis-based Simon Property Group, Inc. The company specializes in retail real estate and manages, owns and invests in stores across North America, Europe and Asia.
The 88-year-old was born in Brooklyn and attended the City College of New York before making his way to Indianapolis. According to his company website, he is also a part-owner of the Triple-A Reno Aces baseball team.
He has served as the owner of the Pacers since acquiring the team from Tom Binford in 1983. Simon's son, Steve, is expected to succeed Herb as the Pacers owner.
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How much did Herb Simon pay for the Pacers?
Concrete numbers from the last time the Pacers were sold in 1983 are hard to come by. However, according to Pacers fan website 8points9seconds.com, Simon bought the team for a sum of $10.5 million.
If that number is accurate, he has certainly made some money on the deal. According to Forbes' latest NBA team valuations, the Pacers are now worth $1.8 billion. That ranks No. 26 out of 30 franchises in the league.
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NBA's most valuable teams
Here's a look at the 10 most valuable NBA teams according to Forbes' latest list:
| Rank | Team | Valuation |
| 1 | Warriors | $7 billion |
| 2 | Knicks | $6.1 billion |
| 3 | Lakers | $5.9 billion |
| 4 | Bulls | $4.1 billion |
| 5 | Celtics | $4 billion |
| 6 | Clippers | $3.9 billion |
| 7 | Nets | $3.5 billion |
| 8 | Mavericks | $3.3 billion |
| 9 | Rockets | $3.2 billion |
| 10 | 76ers | $3.15 billion |
