After 28 years of owning the Indianapolis Colts and 65 trips around the sun, Jim Irsay has tragically passed away in his sleep on Wednesday afternoon. The Illinois native was a mainstay of his community, with a known passion for all things music and football.
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An extravagant businessman if there ever was one, Irsay infamously turned down an offer of $1.15 billion for his personal collection. Featuring everything from one of Muhammad Ali’s championship belts to David Gilmour’s Black Strat guitar, the former CEO, chairman, and principal of the Colts’ organization boasted one of the most illustrious collections imaginable.
While each and every piece of his personal collection certainly featured its own hefty price tag, to Irsay, it was as priceless as it was sentimental.
“I’ve been offered $1.15 billion for the collection in totality by someone in the Middle East… I turned it down because, to me, No. 1, it’s priceless. And No. 2, I never started the collection for that reason, to look at it and say, ‘Oh, this is going to be a great investment,” Irsay said in 2023.
For all of the accolades and achievements that he managed to collect throughout his lifetime, Irsay will mostly be remembered for presiding over the greatest era in the history of the Indianapolis franchise. After inheriting the organization from his late father, Robert, in 1997, Irsay would go on to secure one of the biggest contracts in the history of both the Colts and the NFL.
After five consecutive 4,000+ passing-yard seasons and leading the league in both passing yards and pass completion percentage, Peyton Manning is set to become a free agent in the spring of 2004. Unfortunately, the team didn’t seem to have the cap space to retain him.
That’s where Irsay stepped in. The former general manager immediately went to work, restructuring the deals of more than six veteran players and releasing five others.
When speaking with members of the media that day, Irsay made it clear that he was well aware of the pressure that the team was under to keep Manning. Ironically, he even foreshadowed the team’s inevitable Super Bowl victory that day.
“There was a lot of pressure because we’re getting close to the Super Bowl… If you don’t get it done, we’re going in a dramatically different direction, and our chances are reduced.”
In the end, despite Manning’s deal being one of the most lucrative in NFL history, the Colts walked away with some additional cap space. To this day, the contract stands as a testament to both Manning’s value to the franchise and Irsay’s ability as an owner and general manager.
Considering that the contract resulted in the most mutually beneficial arrangement the franchise had ever seen, it’s safe to say that Irsay’s premonitions proved to be genuine.
Following the official announcement of his death, the Colts’ shared the following message to their various social media pages.
— Indianapolis Colts (@Colts) May 21, 2025
The succession of ownership will now feature the likes of Irsay’s three daughters; Carlie Irsay-Gordon, Casey Foyt and Kalen Jackson. Each of them currently has a claim to the title of vice chair/owner.
According to CBS Sports’ Bryan DeArdo,
“Irsay had previously indicated that his daughters are on equal footing and will continue to be involved in the team’s operations. One daughter will hold the principal owner vote, but that position is not fixed and could rotate.”
Fans are encouraged to share their messages of support and memories or Irsay with the team via social media. At this time it is being requested that members of the public respect the privacy of Irsay’s family and loved ones.
