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stephen holder
multiple authors
Phoenix–when Washington Commanders Sold for $6.05 billion in 2023, it was not only the highest price ever paid for a North American sports franchise, but it also signaled to the NFL that the value of the franchise was increasing at an alarming rate.
indianapolis colts Owner and CEO Carly Irsay-Gordon and her sisters took notice. They also discussed the possibility of opening their franchise to private-equity investment, which the NFL now allows in 2024 after an affirmative vote by the owners.
But ultimately, the Irsay sisters intend to retain full ownership of the Colts, even in light of the death of their father Jim Irsay last year.
“We certainly saw [private equity]Irsay-Gordon told ESPN at the NFL’s annual meeting on Sunday. “We have no intention of doing that right now.”
The Colts have undergone significant change since Jim Irsay’s death last May, the biggest example being the transfer of ownership to his daughters: Irsay-Gordon, Casey Foyt and Kalen Jackson.
But the Colts have been in the Irsay family since Jim’s father, Bob Irsay, took over the team in 1972. And Jim Irsay always had a dream that his grandchildren would one day own the team, long after he was gone. Given how his daughters have acted, this possibility seems just as likely today as it did when Irsay said it years ago.
Since his family’s wealth consisted almost entirely of team ownership, there was always a question as to how things would play out following Jim Irsay’s passing. But there has been no sign of a change in course. And the sisters’ decision to forgo private equity involvement for now also indicates the same.
However, Irsay-Gordon did not rule out the idea in future years, particularly as it relates to the anticipated upgrade of Lucas Oil Stadium. The building will require several million dollars in upgrades in the coming years. The stadium is nearly 20 years old, and Irsay-Gordon is already preparing for an expensive renovation.
“We have a beautiful building with wonderful bones, but we have to renovate it,” he said. “It’s already almost 20 years old. It’s crazy. But a lot has changed since then… I think it’s a good thing to get another opportunity to diversify your business, get some source of funding if you want to renovate. It’s just another tool.”
Irsay-Gordon also discussed the state of his team’s roster, specifically the club’s decision to re-sign quarterback Daniel Jones to one large scale contract On March 11 after suffering a season-ending Achilles tear on December 7.
He said an important factor was the rapport between Jones and coach Shane Steichen. Together, the pair combined to form an attack that led the NFL in several categories before injuries to Jones derailed the season.
“If your head coach doesn’t believe in your quarterback, you’re kind of doomed,” he said. “And I think Shane and Daniel really align with the way our system works.”
Relatedly, the Colts have endured more than six seasons of quarterback instability since Andrew Luck’s retirement in 2019. Bringing back Jones addresses that issue, Irsay-Gordon said.
“The quarterback is basically like the CEO of our football team,” he said. “So, not only to have that consistency myself, but to know that we’ve seen a lot of progress in Daniel and he’s going to be on the field after coming back from this injury, I think that also helps our team build an identity.”
