Every NFL Sunday when the Indianapolis Colts take the field in front of tens of thousands of fans, they do it inside one of the most impressive stadiums in American sports. Lucas Oil Stadium — with its iconic retractable roof, its red brick exterior, and its position at the heart of downtown Indianapolis — has become one of the most recognizable venues in the entire country.
But who actually owns it? The answer involves the State of Indiana, a beloved motorsports legend who recently passed away, and a $122 million naming rights deal that forever tied one man’s legacy to a building that will outlive us all.
What Is Lucas Oil Stadium?
Lucas Oil Stadium is a retractable roof stadium located at 500 South Capitol Avenue in Indianapolis, Indiana. It serves as the permanent home field of the Indianapolis Colts of the National Football League (NFL) and replaced the old RCA Dome when it officially opened on August 16, 2008. It cost approximately $720 million to build — equivalent to over $1 billion in 2024 dollars.
The stadium covers approximately 1.8 million square feet, holds 63,000 fans for NFL games and up to 70,000 for basketball events, and features 139 executive suites and 7,100 club seats. Beyond Colts games, it hosts NCAA championships, Big Ten Football Championship games, Super Bowls, monster truck events, concerts, and major conventions.
Who Actually Owns Lucas Oil Stadium?
Here is where many people get confused — and the distinction matters. Lucas Oil Stadium is not owned by the Indianapolis Colts, and it is not owned by Lucas Oil Products. The name on the building is a naming rights deal, not an ownership claim.
Lucas Oil Stadium is owned by the State of Indiana — specifically through a government body called the Indiana Stadium and Convention Building Authority (ISCBA).
The ISCBA is a group of civic and business leaders appointed by the Governor of Indiana and the Mayor of Indianapolis. While ISCBA serves as the stadium’s legal owner, the facility is operated and managed on a day-to-day basis by the Capital Improvement Board of Managers of Marion County, Indiana (CIB).
So the complete ownership picture is: State of Indiana (through ISCBA) owns it. The Capital Improvement Board (CIB) operates it. The Indianapolis Colts play in it under a long-term lease. And Lucas Oil Products paid $122 million to put its name on it.
Ownership and Key Stakeholders Table
| Party | Role | Stake / Involvement | Key Detail |
|---|---|---|---|
| Indiana Stadium and Convention Building Authority (ISCBA) | Legal Owner | 100% ownership of the stadium | State of Indiana government body; appointed by Governor and Mayor of Indianapolis |
| Capital Improvement Board of Managers (CIB) | Operator & Manager | Day-to-day management | Marion County government board; manages all stadium operations |
| State of Indiana | Public Funder | Funded 86% of construction costs | Contributed the majority of the $720 million build cost through public financing |
| Indianapolis Colts (NFL) | Primary Tenant | Long-term lease through 2034 | Covered approximately 14% of construction cost; home games played here since 2008 |
| Carlie Irsay-Gordon | Colts CEO & Co-Owner | Leads the Colts organization | Daughter of the late Jim Irsay; became Colts CEO in 2024 |
| Lucas Oil Products, Inc. | Naming Rights Holder | $122 million over 20 years | Naming rights secured in 2006; deal covers the period through 2026 |
| Forrest Lucas (1942–2025) | Founder of Lucas Oil | No structural ownership | Built Lucas Oil into a global brand; passed away August 24, 2025 at age 83 |
| Morgan Lucas | Current CEO of Lucas Oil | Leads the company | Son of Forrest Lucas; now heads the family business |
| Charlotte Lucas | Co-Founder of Lucas Oil | Co-founded the company in 1989 | Wife of Forrest Lucas; co-built the company from the ground up |
The Origin Story: How Lucas Oil Stadium Was Built
By the mid-2000s, the Indianapolis Colts had outgrown the RCA Dome — a venue that was already aging and falling behind the modern stadium standards being set elsewhere in the NFL. City and state leaders feared what nearly every American city fears: that a beloved franchise would leave for a better deal somewhere else.
In late August 2005, the Capital Improvement Board and the City of Indianapolis reached a new lease agreement with the Colts that kept the team in Indianapolis through at least 2034. The centerpiece of that deal was the construction of a new stadium.
The Colts contributed approximately 14% of the total construction cost — roughly $100 million — while the State of Indiana and the City of Indianapolis covered the remaining 86% through public funding, including taxes on hotels, car rentals, and food and beverage sales.
Ground was broken on September 20, 2005. The stadium was designed by HKS of Dallas, Texas, with local firms assisting, and construction was managed by Hunt Construction Group. When it opened on August 16, 2008, it was immediately recognized as one of the finest sports facilities in the country, winning Street & Smith’s Sports Business Journal’s 2008 Sports Facility of the Year award.
The Naming Rights Story: Forrest Lucas and His $122 Million Legacy
The name “Lucas Oil Stadium” exists because of one extraordinary man — Forrest Lucas — and the boldest sponsorship deal in Indiana sports history.
Forrest Lucas was born in 1942 in rural Indiana, in a family shack with no running water and little money. He left school without a college degree, became a long-haul truck driver, and started noticing something on the road: the lubricants and additives available for trucks were simply not good enough. In 1989, he and his wife Charlotte founded Lucas Oil Products out of a warehouse in Corona, California, and built it into a global automotive products company selling more than 300 products in over 90 countries through 30,000 auto parts stores worldwide.
In 2006, Lucas Oil secured the naming rights to the Indianapolis Colts’ new stadium — paying $122 million over a 20-year period running through 2026. It was one of the most audacious moves in sports marketing history: a private, family-owned oil products company from rural Indiana putting its name on one of the NFL’s premier stadiums. “The guys said my rise from rags to riches was huge,” Forrest later told Fortune magazine.
The deal built the Lucas Oil brand into a household name across American sports. The company also secured naming rights to the Lucas Oil Indianapolis Raceway Park — home of the NHRA U.S. Nationals — and became one of the most visible sponsors in NASCAR, IndyCar, NHRA, and Monster Jam racing.
Tragically, Forrest Lucas passed away on August 24, 2025, at the age of 83. His fortune at the time of his death was estimated at approximately $500 million. His son Morgan Lucas now serves as CEO of Lucas Oil Products, and daughter Katie Lucas serves as President, continuing the family business their parents built from nothing.
Carlie Irsay-Gordon, CEO of the Indianapolis Colts, said of his passing: “With the passing of Forrest Lucas, the Indianapolis Colts have lost a dear friend, and our city and state have lost an extraordinary business pioneer, leader, and a giant among Hoosiers.”
What Happens to the Name After 2026?
This is one of the most important and timely questions surrounding Lucas Oil Stadium right now — because the 20-year naming rights deal signed in 2006 expires in 2026.
The Lucas Oil naming rights agreement was specifically written to cover a 20-year period from 2006 to 2026. As of the time of writing, no official announcement has been made about whether Lucas Oil Products — now led by Morgan Lucas and Katie Lucas — will renew the naming rights, or whether a new sponsor will take over. Industry analysts note that naming rights renewals at high-profile NFL stadiums typically command significantly higher fees than the original deals — meaning a renewal or replacement agreement is likely to be worth far more than the original $122 million over 20 years.
This is a developing story that the city of Indianapolis, the Colts, and the sports marketing world are all watching closely.
Major Events Hosted at Lucas Oil Stadium
Lucas Oil Stadium is far more than just an NFL venue. Over its 18-year history, it has established itself as one of the most versatile and sought-after major event venues in the entire country.
The stadium hosted Super Bowl XLVI in February 2012, which drew global attention and showcased Indianapolis as a world-class sports city. It regularly hosts the NCAA Men’s Basketball Tournament regional rounds and has served as a Final Four venue. The Big Ten Football Championship Game is held here annually — most recently in December 2025, when Indiana beat Ohio State in a historic upset. The stadium also hosts NFL Draft events, Big Ten Wrestling Championships, Monster Jam events, major concerts, and one of the largest high school marching band competitions in the world, the Bands of America Grand National Championships.
Frequently Asked Questions (FAQs)
Q1. Who owns Lucas Oil Stadium in 2026?
Lucas Oil Stadium is legally owned by the Indiana Stadium and Convention Building Authority (ISCBA) — a government body representing the State of Indiana — and operated by the Capital Improvement Board of Managers of Marion County.
Q2. Does Lucas Oil own Lucas Oil Stadium?
No. Lucas Oil Products only holds the naming rights for $122 million over 20 years — it does not own the physical stadium, which belongs to the State of Indiana.
Q3. Do the Indianapolis Colts own Lucas Oil Stadium?
No. The Indianapolis Colts are the primary tenant under a long-term lease through 2034 but do not own the building. They contributed approximately 14% of the $720 million construction cost.
Q4. How much did Lucas Oil pay for naming rights to the stadium?
Lucas Oil Products paid $122 million over a 20-year period beginning in 2006 — one of the largest naming rights deals in Indiana sports history.
Q5. Who was Forrest Lucas and what happened to him?
Forrest Lucas was the founder of Lucas Oil Products, a self-made billionaire who grew up in rural Indiana poverty and built a global automotive products empire. He passed away on August 24, 2025, at the age of 83.
Q6. When does the Lucas Oil naming rights deal expire?
The 20-year naming rights agreement signed in 2006 expires in 2026. No official announcement about a renewal or new naming rights partner has been made yet.
Q7. Who is the current CEO of the Indianapolis Colts?
Carlie Irsay-Gordon, daughter of the late Jim Irsay, serves as CEO and Co-Owner of the Indianapolis Colts as of 2026.
Q8. What major events has Lucas Oil Stadium hosted?
Lucas Oil Stadium has hosted Super Bowl XLVI (2012), multiple NCAA Tournament regional rounds, the annual Big Ten Football Championship, Monster Jam events, NFL Draft events, and the Bands of America Grand National Championships.
Lucas Oil Stadium is owned by the State of Indiana through the Indiana Stadium and Convention Building Authority (ISCBA) and is operated by the Capital Improvement Board of Managers of Marion County (CIB). It was built for approximately $720 million, with 86% funded by public money and 14% by the Indianapolis Colts, who lease the venue through at least 2034 under CEO Carlie Irsay-Gordon.
The name “Lucas Oil Stadium” comes from a $122 million naming rights deal signed in 2006 by Forrest Lucas — the legendary rags-to-riches founder of Lucas Oil Products who passed away on August 24, 2025 at age 83. That deal runs through 2026, and the future of the stadium’s name is currently one of the most watched stories in Indianapolis sports. Lucas Oil Products is now led by his children Morgan Lucas (CEO) and Katie Lucas (President).
