Portfolio Overview
Ownership & Control Structure
| Holding Entity | Type | Purpose |
|---|---|---|
| Pacers Sports & Entertainment | Sports company | Basketball and venue operations |
| SK Baseball | Sports company | Reno baseball ownership |
What Companies Does Herb Simon Own?
Herb Simon’s current businesses extend across basketball, baseball, publishing and real estate. He is the controlling owner of the Indiana Pacers and owns the Indiana Fever through the Pacers Sports & Entertainment organization. He also leads the ownership of the Reno Aces through SK Baseball and is a co-founder and co-chairman of Kirkus Media. The publishing company operates Kirkus Reviews and added AudioFile magazine to its business in 2026.
Herb Simon retains economic links to Simon Property Group, the publicly traded real estate investment trust that grew from the company he co-founded with his brother Melvin in 1960. He retired from its board and chairman-emeritus position in February 2025. His current relationship therefore includes ownership rather than the continuing board authority of his earlier career. Trusts benefiting him also held 30.94% of Melvin Simon & Associates during 2025, according to the REIT’s 2026 proxy.
The Pacers remain a major private asset. Forbes reports Simon’s interest at 80%, following a 2023 sale of an additional 15% to Steven Rales, whose total position reached 20%. The Fever adds exposure to women’s basketball, including a planned $78 million performance center scheduled for a 2027 opening. In Reno, the Aces announced a 2026 agreement extending their local commitment through 2049 and changing the ownership arrangements around Greater Nevada Field.
Forbes listed Herb Simon’s wealth at $7.8 billion on October 30, 2026. We see a portfolio built through long ownership periods and selective expansion into businesses he understands or values personally. The public REIT interest, private sports teams and media enterprise have different liquidity and income patterns. His retirement from Simon Property Group’s board changed his formal governance role, while his sports and publishing interests remain active commercial commitments with their own management teams and capital needs. The former Reno 1868 FC soccer investment ended when the club closed after its 2020 season.
Portfolio Analysis
Herb Simon’s real estate exposure and sports holdings respond to different market forces. Simon Property Group securities are publicly priced and influenced by leasing performance, interest rates and investor expectations for retail property. Private teams depend more on league rights, local commercial execution and the prices buyers are willing to pay for scarce franchises. The combination offers different valuation drivers, although both categories require substantial capital and can become sensitive to financing conditions.
The Pacers and Fever share an operating organization in Indianapolis, creating opportunities around facilities, staffing and commercial relationships. The NBA franchise has a mature league framework, while the WNBA business is experiencing a different growth phase. Herb Simon’s investment in a dedicated Fever training facility recognizes that the women’s team needs its own operating capabilities. Shared ownership can create efficiencies, but each team still requires clear sporting leadership and an appropriate customer proposition. Forbes’s May 2026 WNBA ranking placed the Fever at $580 million, supported by $58 million of revenue during the 2025 season.
The Reno Aces add geographic and product diversity. A Triple-A baseball club sells a local entertainment experience over a long home schedule, with venue quality and customer service playing large roles. Kirkus Media adds a publishing asset whose value relies on reputation and useful content rather than stadium attendance. Its 2026 AudioFile purchase broadens coverage into audiobooks, bringing an adjacent product within an established reviewing and publishing business.
We see Herb Simon’s portfolio as broad in operating form but connected by a patient investment horizon. The main financial constraint is that most private holdings are less liquid than the REIT securities. Partial sales, such as the Pacers transaction with Rales, can release capital while preserving authority. That flexibility matters when new facilities or acquisitions require funding. The best portfolio outcome depends on matching each business’s capital needs with realistic expectations for distributions and avoiding the assumption that appreciation in one asset can always finance commitments elsewhere.
Business Profile
Herb Simon and his brother Melvin established a real estate development business in Indianapolis in 1960. The company expanded into a major shopping-center platform and eventually became the foundation of Simon Property Group. Retail property requires sustained work on tenant mix, financing, maintenance and customer traffic. The business rewarded the ability to develop and operate destinations that remained useful to retailers and visitors as shopping habits and local markets changed over time.
The Indiana Pacers added professional sports to Herb Simon’s business life in 1983, when the brothers bought the franchise. The investment helped keep the team in Indianapolis and became a long-term ownership commitment rather than a quick resale. Simon later assumed fuller leadership of the organization. The Indiana Fever, which began playing in 2000, extended the basketball platform into a second league with a different audience, cost structure and commercial development path.
Herb Simon’s interests also include the Reno Aces and Kirkus Media. Minor-league baseball involves an accessible local entertainment product and a venue that can host additional events. Publishing requires editorial credibility, audience relationships and commercial services around information. These are distinct from shopping-center ownership, yet all depend on understanding customers and maintaining a product people continue to use. Their smaller scale does not make management quality or capital discipline less important.
For us, Simon’s business career is characterized by patient ownership combined with a willingness to maintain specialized institutions. His 2025 departure from the Simon Property Group board reduced his formal corporate responsibilities, while current sports and publishing investments continue to evolve. The Fever facility, the Reno ballpark arrangement and Kirkus’s AudioFile acquisition demonstrate an active operating agenda. The portfolio’s next stage requires capable successors and managers who can preserve the purpose of each business while adapting its economics to current market conditions.
Controlled Businesses
Companies Currently Owned or Controlled
- Indiana Pacers
- Indiana Fever
- Reno Aces
- Kirkus Media
| Company | Relationship | Equity | Role | Since |
|---|---|---|---|---|
| Indiana Pacers | Controlling owner | 80% | Owner | 1983 |
| Indiana Fever | Family controlling ownership | Owner | 2000 | |
| Reno Aces | Ownership group leader | Managing partner | 2009 | |
| Kirkus Media | Co-founder and co-owner | Co-chairman | 2010 |
Control & Capital Allocation Analysis
Herb Simon’s authority differs across the businesses associated with his name. He remains a controlling sports owner, while his retirement from Simon Property Group’s board took effect on February 4, 2025. The change ended his chairman-emeritus role and related board responsibilities. Co-founding the real estate enterprise remains central to his history, but current corporate decisions are made through the REIT’s serving board and executive leadership rather than through a continuing founder directorship.
At Pacers Sports & Entertainment, Herb Simon’s ownership role works alongside professional management and family participation. The Pacers and Fever need distinct sporting leadership while sharing parts of a broader commercial organization. A controlling investor can establish the long-term direction and approve major spending, but daily decisions require executives with specialist knowledge. Maintaining clear responsibilities becomes especially important as the Fever’s visibility and facility commitments increase the scale of the organization’s work.
The 2023 Pacers stake sale brought Steven Rales to a larger minority position while Simon retained control. Such an arrangement shares economic exposure without necessarily dividing operating authority equally. Partners still need agreement on important capital and governance matters under their contracts. Herb Simon’s current role therefore involves stewardship of a business with another substantial investor, rather than the ability to treat the franchise’s assets and cash as entirely unencumbered personal property.
Our view of Simon’s governance position emphasizes succession and institutional depth. Kirkus Media has its own publishing leadership and partners, while the Aces operate through a dedicated baseball organization. The portfolio can remain coherent if each management team understands its objectives, resources and decision rights. His age and long ownership history make continuity planning economically relevant. Durable governance should allow businesses to execute facility projects, maintain customer relationships and make necessary changes even as responsibilities shift among family members and professional executives.
Minority Stakes, Investments & Brands
Minority Ownership Stakes
- Melvin Simon & Associates
- Simon Property Group
| Company | Stake | Role | Since | Status |
|---|---|---|---|---|
| Simon Property Group | Minority | Retired board member | 1960 | Active |
| Melvin Simon & Associates | 30.94% through trusts | Trust beneficiary | At least 2025 | Active |
Brands, Products & Licensing
- Kirkus ReviewsPublication
- AudioFilePublication
| Name | Type | Legal Owner or Relationship | Status |
|---|---|---|---|
| Kirkus Reviews | Publication | Kirkus Media | Active |
| AudioFile | Publication | Kirkus Media | Active |
Minority-Stake & Investment Analysis
Herb Simon’s basketball investment program includes the Indiana Fever’s planned $78 million sports performance center. The dedicated facility is expected to open before the 2027 season and is designed to support training, recovery and team operations. The project represents a commitment to organizational capacity during a period of rising attention for women’s basketball. Its value will depend on how effectively the team uses the space and the extent to which better resources support player development and retention.
The Reno Aces’ 2026 agreement with the city extends the baseball relationship through 2049 and changes control of the ballpark improvements. Greater ownership responsibility gives the organization more ability to plan upgrades, while also increasing its long-term maintenance and capital obligations. Herb Simon’s experience in property is relevant to those decisions. A venue needs continued investment to remain useful, and a long commitment only becomes attractive when operating revenues can support the quality standards expected by customers and baseball authorities.
Kirkus Media’s acquisition of AudioFile in January 2026 is a smaller but strategically different expansion. Audiobook reviewing fits beside the company’s established book-reviewing activities, adding expertise and an audience relationship in another format. The investment must protect the credibility that makes reviews useful while developing commercial products around the expanded coverage. Publishing growth is strongest when the added content improves the service for subscribers, librarians, booksellers and other customers rather than simply increasing the amount published.
We see the common investment discipline for Herb Simon as building capabilities around existing institutions. The Fever facility supports a team already owned, the Reno agreement supports an established baseball business, and AudioFile expands a related media service. These projects avoid the complexity of entering wholly unfamiliar industries. They still require independent financial scrutiny: construction costs, maintenance commitments and publishing integration have different risks. Each should earn its place through an identifiable operating benefit and a funding plan compatible with the rest of the portfolio.
Transactions, Acquisitions & Exits
Deal Activity Timeline
Former Companies & Exits
| Company | Former Relationship | Exit | Outcome |
|---|---|---|---|
| Reno 1868 FC | Former controlling owner | 2020 | Closed |
Acquisitions Led or Financed
| Acquisition | Year | Deal Value | Role | Outcome |
|---|---|---|---|---|
| Indiana Pacers | 1983 | $11 million | Co-led family purchase | Completed |
| Kirkus Reviews | 2010 | Co-investor buyer | Completed | |
| AudioFile | 2026 | Kirkus Media buyer | Completed |
Transaction & Exit Analysis
Herb Simon and Melvin Simon purchased the Indiana Pacers in 1983 for a reported $11 million. The investment became a continuing Indianapolis ownership commitment. Herb later acquired his brother’s interest before Melvin’s death in 2009. Those transactions changed the family’s allocation of ownership while preserving the same broader relationship between the team and the Simon business network. The franchise was not repeatedly sold to unrelated controlling groups during that period.
The 2023 Pacers transaction transferred an additional 15% to Steven Rales, taking his total interest to 20%. Herb Simon retained the controlling position. The deal illustrates partial monetization: an owner can sell a meaningful economic interest while continuing to lead the organization. The reported franchise valuation is a reference for the whole asset, while the amount realized by a seller depends on the exact interest, terms and obligations involved.
Reno 1868 FC followed a different path. The USL club ceased operations after the 2020 season, ending that soccer investment rather than producing an announced acquisition by another owner. Herb Simon’s Reno Aces continued operating as a separate baseball business. The distinction matters because closing one local sports venture does not establish that every team or venue held through the same ownership network has been sold or shut down.
We see Herb Simon’s 2025 retirement from Simon Property Group’s board as a governance exit without a corresponding sale of all his economic interests. His current portfolio still includes public real estate links and continuing private businesses. Kirkus Media’s AudioFile purchase in 2026 and the Aces’ extended Reno commitment show reinvestment alongside selective exits and reduced responsibilities elsewhere. The overall record reflects an owner adjusting individual holdings and roles while retaining substantial interests in several operating platforms.
Wealth, Income & Financial Trends
Net Worth & Sources of Wealth
Net Worth
2022 to 2026- 2022$3.2 billion
- 2026$7.8 billion
Annual Income
Nov-2026Wealth & Income Analysis
Forbes valued Herb Simon at $7.8 billion on October 30, 2026. The fortune combines real estate-related wealth with private sports and other business interests. The public and private portions behave differently. Listed securities provide more frequent price information and generally easier liquidity, while team and publishing interests depend on negotiated transactions and private operating results. A rise in franchise valuation can increase wealth without creating an immediate distribution of cash to the owner.
Simon Property Group’s 2026 proxy identifies substantial securities interests associated with Herb Simon and related entities. It reports 5,615,001 common shares over which he held sole voting and disposal power and 889,747 with shared powers in the cited ownership information. The same filing describes trusts benefiting him as holding 30.94% of Melvin Simon & Associates. These legal and economic relationships make the public real estate connection broader than a simple current executive salary.
The Pacers ownership is another major component. Simon retained an 80% interest after Rales increased his stake in 2023, according to Forbes’s account. A minority transaction can establish a useful price reference, but its proceeds and implied valuation are different financial measures. The Fever, Reno Aces and Kirkus Media also contribute business exposure. Simon Property Group paid him $100,000 in employment compensation for chairman-emeritus service during 2024, a narrow income category separate from investment distributions and later board retirement. Forbes’s October 2026 Pacers entry valued the club at $4.55 billion and listed 2025-26 revenue of $369 million, with $85 million operating income.
For us, the key financial question is how Herb Simon balances retained ownership with capital commitments and succession needs. His board retirement at the REIT does not itself mean his holdings were sold. Dividends, partnership distributions and business-sale proceeds can provide different liquidity channels, while facilities and acquisitions require cash at specific times. No single current annual-income total is established across the portfolio. Maintaining financial flexibility allows the family and management teams to support long-duration businesses without depending on favorable conditions for an immediate sale.
Portfolio Development Over Time
Business Ownership Timeline
Business Trajectory Analysis
Herb Simon’s ownership trajectory spans the growth of a real estate enterprise, decades of NBA stewardship and expansion into other sports and publishing. His retirement from Simon Property Group’s board in 2025 changed the formal corporate role associated with the business he helped create. The remaining portfolio continues to evolve through family ownership and professional management, making the quality of those institutions more important as day-to-day founder responsibilities become less concentrated in one individual.
The Indiana Fever’s performance center is a major near-term milestone. With opening scheduled for 2027, the facility is part of a broader effort to provide the team with dedicated resources. Herb Simon’s organization must turn heightened interest in the franchise into lasting commercial relationships and an effective working environment. Growth creates opportunity, but it also raises service expectations and the demand for capable leadership across basketball, sponsorship, ticketing and player-support functions.
The Reno Aces’ commitment through 2049 gives another part of Herb Simon’s portfolio a long operating horizon. Greater venue responsibility can support faster decisions on improvements, while requiring a plan for continuing maintenance and capital expenditure. Kirkus Media’s audiobook expansion supplies a different growth avenue through content and services. Both businesses can develop without relying on the same audience, yet each requires enough management attention to preserve the quality that supports repeat customer demand.
For us, Herb Simon’s next business chapter is primarily a test of continuity rather than a search for a new defining acquisition. The portfolio already contains valuable institutions with different missions and economics. Clear succession arrangements, suitable financial resources and well-defined executive authority can allow them to adapt. The most durable outcome would preserve the long investment horizon that supported their development while ensuring that future managers can make necessary operating changes without depending on the founder’s direct intervention in every important decision.
Ownership Misconceptions Explained
Herb Simon controls every Simon Property Group decision today.
His founder history is important, but he retired from the REIT board in February 2025. Current directors and executives govern the public company. Economic interests held through shares, units or related entities continue under their own legal arrangements after a board retirement.
The 2023 Pacers sale ended Simon’s ownership.
The transaction transferred a minority interest and left Simon with the controlling position. Rales increased his total ownership to 20%, while Simon retained 80% according to Forbes. A partial disposal can realize value without being an exit from the entire franchise.
Reno 1868 FC and the Reno Aces both closed in 2020.
The soccer club ceased operations after the 2020 season. The Aces continued as a separate baseball business and announced a 2026 agreement extending their Reno commitment through 2049. Sharing an ownership network does not make the two clubs the same legal or operating entity.
The Fever’s training budget is Simon’s personal annual income.
The planned $78 million facility is an organizational investment in a long-lived operating asset. Its funding and expenditure occur under the project’s arrangements. It does not describe a salary, dividend or unrestricted payment made to Herb Simon for one year.
Frequently Asked Questions
What businesses does Herb Simon own?
Simon’s current interests include the Pacers, Fever, Reno Aces and Kirkus Media, alongside real estate holdings related to Simon Property Group and Melvin Simon & Associates. Kirkus expanded in 2026 through AudioFile, while Simon’s formal REIT board role had ended in 2025.
How much of the Indiana Pacers does Herb Simon own?
Forbes reports Simon’s position at 80%. In 2023 Steven Rales bought another 15% and reached a total 20% interest. Simon retained control, so the minority sale changed the economic allocation without transferring the franchise’s operating leadership to an entirely new owner.
Does Herb Simon still run Simon Property Group?
Simon retired from the board and chairman-emeritus position effective February 4, 2025. His real estate ownership relationships continued to appear in subsequent filings. Retiring from a governance role is different from selling every share or ending all economic exposure to the company.
What is Herb Simon’s publishing business?
Simon and Marc Winkelman are associated with Kirkus Media, the owner of Kirkus Reviews. The group acquired AudioFile magazine in January 2026 and expanded into audiobook reviews. This is a commercial publishing business separate from his basketball and baseball ownership platforms.
How much is Herb Simon worth?
Forbes’s October 30, 2026 entry put Simon at $7.8 billion. The fortune combines real estate-related interests with private sports and other business assets. His team values, public securities and private partnership interests have different liquidity and cannot be treated as one annual income payment.