Legal Issues and Colts and NFL and Pro Sports and Jim Irsay and Law and Sports Business

Colts to remain with Jim Irsay after divorce

November 21, 2013

The divorce of Jim Irsay and his wife of 33 years, Meg Coyle Irsay, will have no bearing on Jim’s ownership of the Indianapolis Colts.

The Irsays have been living apart for more than a decade. The divorce case was filed by Meg Irsay on Thursday in Hamilton Superior Court.

“After 33 years, we have mutually agreed to end our marriage,” the Irsays said in a jointly released statement. “Meg will continue to pursue her professional interests and her commitment to our children and grandchildren, while Jim will maintain 100 percent ownership of the Indianapolis Colts and his other business interests. Although the decision to end our marriage is a difficult one, it is the right decision for us and our family. We appreciate your respect for, and understanding of, our privacy.”

According to the divorce filing by Meg's attorney, "There has been an irretrievable breakdown of the marriage of the parties, and the petitioner requests that the parties' marriage be dissolved."

The Irsays’ three daughters—Carlie Irsay-Gordon, Casey Foyt and Kalen Irsay—for the last two seasons have been listed in the Colts media guide as team vice chairs and co-owners.

The Colts were valued this year at $1.2 billion by Forbes magazine, 11th in the NFL. In its most recent NFL team valuation, Forbes said the Colts had annual revenue of $276 million and operating income of $65 million in 2012.

Irsay was listed 342nd earlier this year on Forbes' latest list of the nation's wealthiest people, with $1.6 billion.

Jim Irsay, 54, assumed ownership of the Colts in 1997 following the death of his father, Robert, who moved the team to Indianapolis from Baltimore in 1984.

Jim and his stepmother, Nancy, had a bitter battle over assets of the late Robert Irsay’s estate after his death. At that time, Jim got sole ownership of the Colts while Nancy got ownership of Sweet Charity Farm, a multimillion dollar horse show facility in Hamilton County, $750,000 in cash, a Chicago condominium, proceeds from a $250,000 insurance policy, a health insurance policy and four Colts tickets in the owner’s suite.

Sources close to Jim Irsay said after the 22-month legal battle with his stepmother that he sought to make it clear no matter what turn of events took place in his personal life that he would maintain ownership of the team.


 

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