Colts won’t have to be sold to pay taxes, Jim Irsay says
INDIANAPOLIS (AP) _ Jim Irsay says he will not have to sell the Indianapolis Colts or take on a partner in order to pay inheritance taxes when his father dies.
Colts owner Robert Irsay sustained a stroke more than a year ago and has been in and out of hospitals since then. He was released from the Indiana University Medical Center on Friday after being treated for a heart rhythm disorder.
His doctor said Irsay is has improved significantly over the past few weeks. Still, the younger Irsay, the team’s general manager, someday will have to deal with paying inheritance taxes.
``The one thing I’ll turn a cold shoulder to is having any partner,″ Jim Irsay said. ``We’re keeping 100 percent of the team that I’m passing on to my children.″
He has repeatedly denied rumors the team might be moved to a more lucrative market.
``No Colt person has ever hinted that we’re going to move,″ Jim Irsay said. ``Do we have a serious revenue problem? Yes. To talk about moving the club is jumping the gun tremendously.″
The younger Irsay is trying to renegotiate the Colts’ lease with the RCA Dome and has given city officials a list of about 20 items the team is seeking. He says, however, it’s not an ultimatum.
``We don’t want a handout,″ he said. ``We only want to be paid what we’re worth.″