Michael Heisley

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Michael E. Heisley, Sr.
BornMarch 13, 1937
DiedApril 26, 2014(2014-04-26) (aged 77)
ResidenceChicago, Illinois
CitizenshipUnited States
EducationGeorgetown University
Occupationbusinessman
Known forowner of the Memphis Grizzlies
Net worthIncrease US $ 1.6 billion (est.)
(2011)[1]
Spouse(s)Married, 5 children

Michael E. Heisley (March 13, 1937 – April 26, 2014) was an American businessman and former majority owner of the Memphis Grizzlies.[2] He orchestrated the move of the team from Vancouver in 2001,[3][4] after promising to keep the franchise in Vancouver when he purchased it in 2000.[5] He agreed in 2006 to sell his 70% controlling stake in the Grizzlies to a consortium including Christian Laettner and Brian Davis,[6] but the group missed a deadline for the purchase[7] and Heisley found no other bidder willing to meet the team's $300M asking price.[8]

In 2012 Heisley decided to sell the Grizzlies and step aside from all of his corporate interests due to his advancing age. The team announced on June 11, 2012, that Ubiquiti Networks founder Robert J. Pera would be purchasing the team, but Heisley will remain on board until the sale is finalized.[9] The sale was finalized on October 25, 2012, and the team is now part Memphis Basketball, LLC.[10]

Heisley was also involved in multiple business ventures, such as:

  • Heico Holding, Inc.[11]
  • The Heico Companies, LLC [5]
  • Heico Acquisitions [12]
  • Stony Lane Partners [11]

A computer salesman by trade, he used $150,000 from selling his home and $10 million in bank loans to acquire Conco, maker of sewer and drain equipment. Later Heisley expanded his holdings through the purchase of several near-bankrupt Rust Belt manufacturers. As of 2009, Heico operates 40 companies, largely in steel, construction, and equipment.

He appeared several times on the Forbes rich list.[1]

Personal life[edit]

Heisley,[1] was born in Washington, D.C., grew up in Alexandria, Virginia, and had residences in Chicago, Illinois,[13] and Jupiter Island, Florida.[11] He was a graduate of Georgetown University,[11] and was married with five children.[11]

He was instrumental in establishing and running the Heisley Family Foundation.[14]

Heisley died on April 26, 2014, of complications of a stroke.[15] He was 77.

References[edit]

  1. ^ a b c "Michael Heisley Sr. - Forbes". Forbes. March 9, 2011.
  2. ^ Cacciola, Scott (1 February 2010). "Grizzlies owner Michael Heisley's moves have been bold, mostly for the best".
  3. ^ "NBA roundup: Grizzlies told they can move". New York Times. 13 February 2001.
  4. ^ Shaikin, Bill (27 March 2001). "Grizzlies are taking Memphis expressway". LA Times.
  5. ^ a b Shapiro, Mark (25 January 2010). "Chicagoan Buys Grizzlies, Says They'll Stay In Vancouver". Chicago Tribune.
  6. ^ Olson, Parmy (3 October 2006). "Billionaire sells Memphis Grizzlies for $360 million". Forbes.
  7. ^ "Davis-led group misses deadline to buy control of Grizz". Associated Press. 15 January 2007.
  8. ^ Van Riper, Tom (28 December 2009). "Memphis Blues". Forbes.
  9. ^ http://espn.go.com/nba/story/_/id/8038389/billionaire-robert-pera-agrees-purchase-memphis-grizzlies
  10. ^ Windhorst, Brian. "Owners approve sale of Grizzlies".
  11. ^ a b c d e "The World's Billionaires (2009): #522 Michael Heisley Sr". Forbes. March 11, 2009.
  12. ^ Melcher, Richard A (7 March 1994). "Care and feeding at Nutri/System". Business Week.
  13. ^ "Hard Work Has Paid For Grizzlies Owner Vancouver Upset By His Broken Promises". Charlotte Observer. 28 March 2001.
  14. ^ Ruane, Michael E (24 September 2004). "Heisley Foundation Gives $2.5 million to Vietnam Veterans Memorial Fund". Washington Post.
  15. ^ https://www.usatoday.com/story/sports/nba/2014/04/26/former-nba-owner-michael-heisley-dies-at-77/8234587/