The Indianapolis Motor Speedway announced Friday that Casey Irsay Foyt, the daughter of the late Indianapolis Colts owner Jim Irsay, will serve as the honorary starter and wave the green flag for Sunday's 109th Indianapolis 500.

Jim Irsay, the owner and CEO of the Indianapolis Colts, died Wednesday at the age of 65, the team said in a statement.

While appearing on ESPN's NFL Live, Colts' Hall of Fame quarterback Peyton Manning reflected on Jim Irsay's legacy and the shift that the city of Indianapolis made into being a "football town." "When I got there,