It would be best to have a degree, even from community college. We've hired Master's graduates from small colleges, it's not a problem.
It's a big advantage that you already have work experience, and management exposure. I found that communication and people skills are bottle necks for most IT professionals.
Of course there's always risks in starting over. You are losing the momentum accumulated so far and what if you don't fit in to the IT world. Well, that's for you to decide after you start in this field. Give a few basic college undergrad courses a try and see if you can get the hang of it.
Good luck and keep us posted here!