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Indianapolis Colts owner Jim Irsay was released from jail on Monday after being held overnight following a traffic stop in which police said he failed sobriety tests and had multiple prescription drugs inside his vehicle, near his home in Indiana, USA.

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Jim Irsay was pulled over near his home in suburban Carmel, Indiana just before midnight on Sunday by police who said they found multiple prescription drugs inside his vehicle.

He was spotted driving slowly, stopping in the road and failing to use a turn signal, and police said Irsay failed several roadside field sobriety tests before he was arrested.

The Indianapolis Colts owner is known in NFL circles as a tough businessman and eccentric billionaire who enjoys interacting with fans about his beloved team.

The drugs weren't associated with any of the pill bottles found inside, police said. Some weren't even in bottles.

54-year-old Irsay, who acknowledged a painkiller dependency more than a decade ago, faces preliminary charges of misdemeanour driving while intoxicated and four felony counts of possession of a controlled substance.

If Irsay is charged and convicted, he could face six months to three years in prison on each count. Chief Deputy Prosecutor Andre Miksha said no decision had been made on formal charges and a hearing was set for the 26th of March.