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Irsay’s father, Robert, bought the Baltimore Colts in 1972 and moved the franchise to Indianapolis in 1984. The younger Irsay grew up around the team and joined the Colts’ front office following his graduation from Southern Methodist University.
Irsay assumed operational control of the Colts in 1996 and inherited majority ownership of the team in 1997 following Robert Irsay's death. At the time, he was just 37 years old.
The Colts are the most valuable asset in Irsay’s portfolio. Irsay has a personal net worth of $3 billion, according to Forbes.
The Colts rank 20th out of the NFL’s 32 teams with an estimated valuation of $2.65 billion, according to Forbes. It is not yet known how the coronavirus pandemic will impact team values in the NFL and other sports leagues.
The 1998 NFL Draft marked a turning point for the Colts’ fortunes on the field. The team drafted quarterback Peyton Manning with the first overall pick in the draft, sparking a string of division titles and playoff appearances that culminated in a Super Bowl win in 2007.
The Colts have appeared in two Super Bowls since Irsay assumed ownership. In 2010, the franchise lost Super Bowl XLIV to the New Orleans Saints.