Jim Irsay, the billionaire owner and CEO of the NFL's Indianapolis Colts, has tragically passed away at 65 years of age.

The Colts disclosed the sombre news on Wednesday with a heartfelt tribute. Irsay, who was worth an impressive $4.8 billion, had encountered health issues in recent times. He was hospitalised in January 2024 and subsequently updated the public about his health in February.

Son of the renowned Robert Irsay, a previous owner who relocated the Colts franchise from Baltimore to Indianapolis in 1972, Jim became the vice-president and general manager upon the team's controversial move in 1984. At a mere 24 years old, he carved his name into history as the NFL's youngest-ever general manager.

Following his father's death in 1997, Jim took the helm of the Colts ownership.

Under Jim's stewardship, the Colts savoured their crowning glory in 2007, when Peyton Manning guided them to Super Bowl victory against the Chicago Bears in Miami, clinching a 29-17 win.

They would reappear in Super Bowl XLIV in 2010, only to be bested by Drew Brees' New Orleans Saints, reports the Mirror.

An outpouring of grief accompanied Wednesday's solemn announcement from the Colts, which stated: "We are devastated to announce our beloved Owner and CEO, Jim Irsay, passed away peacefully in his sleep this afternoon.

"Jim's dedication and passion for the Indianapolis Colts in addition to his generosity, commitment to the community, and most importantly, his love for his family were unsurpassed.

"Our deepest sympathies go to his daughters, Carlie Irsay-Gordon, Casey Foyt, Kalen Jackson, and his entire family as we grieve with them.

"Some of Jim's fondest memories came from his youth working training camps in Baltimore and growing relationships with players, coaches, and staff whom he considered his extended family.

"He worked in every department before he was named the youngest general manager in team history in 1984 when the Colts arrived in Indianapolis.

"After he took sole ownership in 1997, he led the Colts to a long series of division titles and brought the city its first Super Bowl Championship.

"Jim's love and appreciation for the NFL in addition to its history, tradition, and principles influenced him to become a steward of the game throughout his 50-plus years in the League.

"Jim's generosity can be felt all over Indianapolis, the state of Indiana and the country. He made philanthropy a daily endeavor. He never hesitated to help countless organizations and individuals live better lives.

"Music was one of Jim's passions and the ability to share his band and collection with millions of people across the world brought him tremendous joy.

"Simply put, he wanted to make the world a better place and that philosophy never wavered. Jim will be deeply missed by his family, the Colts organization, and fans everywhere, but we remain inspired by his caring and unique spirit."