Late Indianapolis Colts owner Jim Irsay receives touching tribute during the Indy 500

Casey Irsay Foyt, the daughter of Jim Irsay, was also tasked with waving the green flag to signal the start of the Indy 500. 

The Colts announced Irsay's passing on Wednesday. 

"We are devastated to announce our beloved Owner & 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," the team said in a statement. 

"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 left 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."