Indianapolis Colts for sale? Team says not, after owner Jim Irsay snubs $3.2B offer
The Indianapolis Colts shot down rumors of a potential sale on Thursday after a report surfaced that owner Jim Irsay had turned down an offer to buy the franchise at a record-setting price.
The bidder offered Irsay $3.2 billion for the Colts, the Indianapolis Star reported, citing a team source. The prospective buyer’s identity is not yet known.
“The team is not for sale,” a Colts spokesman told FOX Business.
Irsay later confirmed on Twitter that he had no intention of selling the Colts.
A $3.2 billion sale price would shatter the record established by hedge fund magnate and current Carolina Panthers owner David Tepper, who paid at least $2.2 billion to acquire the team from Jerry Richardson in a transaction conpleted in 2018.
The Buffalo Bills were sold for a reported $1.1 billion in 2014.
The Colts are currently valued at $2.7 billion, which ranks 20th out of the NFL’s 32 teams, according to Forbes’ calculations. The Dallas Cowboys are the NFL’s most valuable franchise, with a projected price tag of $5.5 billion, while the Buffalo Bills are the least valuable team, with a $1.9 billion valuation.
Indianapolis enters the 2019 season after a tumultuous summer. The Colts re-signed quarterback Jacoby Brissett to a contract extension after longtime starter Andrew Luck abruptly retired, citing mental strain from a series of serious industries.
NFL team valuations have surged in recent years alongside league-wide revenue. The league earned roughly $16 billion in 2018.
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Irsay’s father, Robert, purchased the Colts for $14 million in 1972. Jim Irsay became principal owner after his father’s death in 1997.
This story has been updated.