Longtime Indianapolis Colts owner Jim Irsay has died at 65, the team announced in a statement Wednesday. "We are devastated to announce our beloved Owner & CEO, Jim Irsay, passed away peacefully in his sleep this afternoon," Pete Ward, the team's chief operating officer, announced.

Jim Irsay took over as owner of the Indianapolis Colts in 1997 and he was in charge of the team for nearly 30 years before passing away on Wednesday at the age of 65.