Updated

Carmel, IN (SportsNetwork.com) - Indianapolis Colts owner Jim Irsay was arrested Sunday night on suspicion of DUI.

According to the Hamilton County (Ind.) Sheriff's department, Irsay was booked into jail at 3:07 a.m. ET Monday morning on charges of operating a vehicle while intoxicated and possession of a controlled substance.

Bryant Orem of the Sheriff's department said Irsay was arrested by Carmel (Ind.) police Sunday night. Bond was set at $22,500. He was released Monday afternoon.

The Colts released a statement Monday morning.

"We are gathering information at this time regarding last night's incident involving Jim Irsay," the statement read. "The team will issue additional statements when the facts are sorted and we are aware of the next steps to this process. Many fans have reached out to express their concern and we appreciate their support."

The Carmel police release said Irsay was stopped at 11:41 p.m. ET Sunday night after driving at a slow rate of speed and failing to signal a turn. After failing several field sobriety tests, Irsay was taken into custody.

Multiple prescription drugs were found in pill bottles during an inventory search of the vehicle. The drugs were not associated with any of the prescription bottles found.

Irsay faces four felony counts of possession of controlled substances.