"After 33 years, we have mutually agreed to end our marriage," read a statement from the couple. "It is the right decision for us and our family."Meg Irsay petitioned to divorce her husband back in 2001 but later dismissed her petition. According to the statement, the couple have reached a mutual agreement whereby Jim Irsay will retain full ownership of all of his business interests, including the Indianapolis Colts, which is estimated by Forbes to be worth $1.2 billion. Jim Irsay inherited the Colts franchise from his father after a protracted legal battle over his estate with his step-mother, Nancy Irsay, and it represents his sole livelihood for all practical purposes.
Interestingly, court records show that Meg Irsay is being represented by James Reed, a partner at the law firm of Bingham Greenebaum Doll, which is the same law firm that serves as general counsel for the Capital Improvement Board. The CIB, of course, leases Lucas Oil Stadium to Irsay's Colts rent-free and picks up the entire tab for the operating costs of the stadium. A conflict of interest, eh? Why do I have this bad feeling that Indianapolis taxpayers will pay for this divorce?
Jim Irsay is represented by Faegre Baker Daniels' Andrew Soshnick. When Lucas Oil Stadium opened, Soshnick's law firm announced a founding partner role with the Colts under which it acquired naming rights for the upper and lower east club levels of the stadium under a six-year deal which expired with the Colts' 2013 season.