In an emotional press conference Peyton Manning confirmed that he is leaving the Indianapolis Colts, the NFL franchise he has played for for 14 years and led to Super Bowl glory in 2006.

“I sure have loved playing football for Indianapolis Colts. I will leave Colts with nothing but good thoughts and gratitude,” said Manning.

Colts owner Jim Irsay, who announced that Manning’s Number 18 jersey would be retired by the team, and Manning were close to tears throughout the event.

Although Manning revealed nothing of his future playing plans, he did say: “I don’t want to retire. I don’t feel I have anything to prove. I still want to play. Nobody loves playing quarterback more than I do. This is uncharted territory for me. I haven’t thought a lot about where I will play, but I have thought a lot about where I’ve been.”

The pair said the decision to allow Manning to leave the team “has never been about the money”. Irsay and Manning said they had many conversations before reaching the decision: “Circumstances were the third guy in the talks. It was not my decision or Jim’s decision. It was circumstances.”

Irsay talked about the club’s need to rebuild after its poor record last season (the worst in the NFL) and how much room for maneouvre it had in that process with the salary cap.

Manning, who will turn 36 this month, missed the entire 2011 season after a third neck surgery. Before that, however, he had never missed a game in his previous 13 seasons with the Colts, the only pro team he has played for.

He is the Colts’ career leader in every major passing category, is one of only four players in league history to throw for more than 50,000 yards and is third all-time in touchdown passes (399).

The Colts are expected to sign Stanford QB Andrew Luck as Manning’s replacement in the 2012 draft.

Manning meanwhile will very shortly officially become a free agent. He is sure to interest many suitors: the Washington Redskins, Miami Dolphins, Cleveland Browns, Seattle Seahawks and Kansas City Chiefs have all been touted as realistic contenders for his signature. His decision is likely to be based upon which team has the most realistic chance of helping him win another Super Bowl ring.

He will, however, have to prove his fitness after missing the whole of the 2011 season after three neck surgeries.

Irsay said: “We are blessed to have gone through experiences together…from when a 37-year-old owner met a 22-year-old player. This is a difficult day, a shared pain.”

A tearful Manning said: “This city has been great for me. It is still a huge part of my life.” He added: “We have to keep this in perspective…compared to the tornado victims in Indiana and Tennessee.”