PHOENIX — When the Washington Commanders sold for $6.05 billion in 2023, it was not only the highest price ever paid for a North American sports franchise, it also signaled to the NFL that franchises were rising in value at a breakneck pace.
Indianapolis Colts owner and CEO Carlie Irsay-Gordon and her sisters took note. They even discussed the prospect of opening their franchise to private-equity investment, which the NFL now permits after an affirmative vote by owners in 2024.
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 looked at [private equity],” Irsay-Gordon told ESPN at the NFL annual meeting Sunday. “We don’t have any intention of doing it now.”
The Colts have undergone significant transition since Jim Irsay died 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 Bob Irsay — Jim’s father — acquired the team in 1972. And it was always Jim Irsay’s dream that his grandchildren would one day own the team, long after he was gone. Given how his daughters have operated, that possibility seems just as likely today as it did when Irsay said it years ago.
Because their family’s wealth is almost entirely constituted by the ownership of the team, there was always an undercurrent of questions about how things might play out after Jim Irsay’s passing. But nothing has indicated a change in course. And the sisters’ decision to forgo the involvement of private equity, for now, signals as much.
However, Irsay-Gordon did not rule out the idea in future years, specifically as it relates to anticipated upgrades to Lucas Oil Stadium. The building will need many millions of dollars in upgrades in the years to come. The stadium is nearly 20 years old, and Irsay-Gordon is already bracing for expensive renovations.
“We have a beautiful building that has amazing bones, but we’re going to need to renovate it,” she said. “It’s already almost 20 years old. It’s insane. But a lot’s changed since then… I think it’s a good thing to be able to have another avenue 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 her team’s roster, specifically the decision by the club to re-sign quarterback Daniel Jones to a massive contract on March 11 after his season-ending Achilles tear on Dec. 7.
She said an important factor was the synergy between Jones and coach Shane Steichen. Together, the pair teamed up to create an offense that led the NFL in numerous categories before injuries to Jones derailed the season.
“If your head coach doesn’t believe in your quarterback, you’re kind of screwed,” she said. “And I think that Shane and Daniel really align the way our system works.”
Relatedly, the Colts have endured more than six seasons of quarterback instability dating back to the retirement of Andrew Luck in 2019. Bringing Jones back addresses that issue, Irsay-Gordon said.
“The quarterback is like the CEO of our football team, basically,” she said. “So, to have consistency, not just in itself, but to know that we’ve seen a lot of progress from Daniel and that he’s going to hit the ground running once he comes back from this injury, I think it also helps our team have an identity.”
