PHOENIX — Indianapolis Colts owner Carlie Irsay-Gordon announced the team will not pursue private-equity investment at present but may consider it to fund future stadium renovations.

"We certainly looked at private equity. We don't have any intention of doing it now," said Irsay-Gordon, who serves as owner and CEO of the Indianapolis Colts.

Ownership of the Indianapolis Colts was transferred to Carlie Irsay-Gordon, Casey Foyt and Kalen Jackson after Jim Irsay's death in May 2025. The NFL permits private-equity investment in franchises after an affirmative vote by owners in 2024.

Irsay-Gordon did not rule out private-equity involvement in future years for anticipated upgrades to Lucas Oil Stadium. Lucas Oil Stadium is nearly 20 years old and will need many millions of dollars in upgrades in the years to come. "We have a beautiful building that has amazing bones, but we're going to need to renovate it," Irsay-Gordon said.

The potential for private-equity investment in NFL franchises gained prominence after the Washington Commanders sold for $6.05 billion in 2023. The sale was the highest price ever paid for a North American sports franchise.

Bob Irsay acquired the Indianapolis Colts in 1972. Jim Irsay expected his grandchildren to own the Indianapolis Colts one day. The Irsay family's wealth is almost entirely constituted by their ownership of the Indianapolis Colts.