(Adds Irsay posting bond, court appearance date set)
INDIANAPOLIS, March 17 (Reuters) - Billionaire James Irsay, the 54-year-old owner of the National Football League's Indianapolis Colts team, was jailed early on Monday on suspicion of drunk driving and possession of a controlled substance, authorities said.
Police stopped Irsay on Sunday night for driving at a slow pace, halting in the roadway and failing to signal a turn. He was arrested after failing several roadside field-sobriety tests, police in Carmel, Indiana, said in a statement.
A search of his vehicle yielded multiple prescription drugs that didn't match the labels on any of the prescription-pill bottles found, police said.
Irsay was arrested on the preliminary charges of driving under the influence and possession of a controlled substance, Hamilton County Sheriff's Deputy Bryant Orem said.
He was booked into the Hamilton County jail early on Monday on those preliminary charges and his bond was set at $22,500, according to jail records.
Irsay posted a cash bond and was released from the jail Monday afternoon, the sheriff's office said.
His initial court appearance was scheduled for March 26 in Hamilton County Magistrate Court, it said.
Forbes magazine listed Irsay's net worth at about $1.6 billion as of March. The Colts team said in a statement on Monday they were still gathering information about the incident.
"The team will issue additional statements when the facts are sorted and we are aware of the next steps to this process," the Colts' statement said. "Many fans have reached out to express their concern and we appreciate their support." (Reporting by Susan Guyett in Indianapolis; Writing by David Bailey; Editing by Barbara Goldberg and Bernadette Baum)