Peyton Manning released from Colts

Colts owner Jim Irsay, right, tries to hold back tears after he announced that the team released quarterback Peyton Manning in 2012. (Sam Riche / McClatchy-Tribune / March 7, 2012)

Indianapolis Colts owner Jim Irsay was charged on Friday with two misdemeanor counts of impaired driving in connection with his March arrest.

Formal charges were filed against Irsay in Hamilton (Ind.) Superior Court just before 5 p.m. ET when the court was set to recess for the holiday weekend.

When Irsay was originally arrested in Carmel, Ind., on March 16, he was set to face charges of operating a vehicle while intoxicated and four felony counts of possession of a controlled substance. Prosecutors alleged Irsay had "oxycodone and/or hydrocodone" in his system when he was arrested, according to the Indianapolis Star. He had $29,000 in cash in his car when he was arrested.

A statement on behalf of Irsay was issued by his legal team Voyles, Zahn & Paul:

"We want to thank the Hamilton County Prosecutor's Office for its professionalism in its investigation regarding Mr. Irsay and for devoting the necessary care and attention to determine the facts in this matter did not warrant the filing of felony charges relative to Mr. Irsay's prescription medications. Mr. Irsay will deal with the remaining misdemeanor charges through the judicial process."

Each misdemeanor charge carries a maximum penalty of 60 days in jail and a $500 fine. An initial hearing for Irsay's case is scheduled for June 19.

Irsay, 54, entered a rehabilitation facility after his arrest. The team was run by his daughter, Carlie Irsay-Gordon, in his absence.

Irsay was released from rehab and was in the Colts' situation room on the second day of the NFL draft. He also attended this week's NFL meetings in Atlanta, where he made a pitch for Indianapolis to host the 2018 Super Bowl. The game was awarded to Minnesota.

NFL commissioner Roger Goodell has yet to address how he plans to discipline Irsay, saying he wants to see how the legal case proceeds.