Michael E. Heisley (March 13, 1937 – April 26, 2014) was an American businessman and former majority owner of the

Memphis Grizzlies The Memphis Grizzlies (referred to locally as the Grizz) are an American professional basketball team based in Memphis, Tennessee. The Grizzlies compete in the National Basketball Association (NBA) as a member of the league's Western Conference ...

Biography

A computer salesman by trade, Heisley 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 The Rust Belt is a region of the United States that experienced industrial decline starting in the 1950s. The U.S. manufacturing sector as a percentage of the U.S. GDP peaked in 1953 and has been in decline since, impacting certain regions and ...

manufacturers. As of 2009, Heico operates 40 companies, largely in steel, construction, and equipment. Heisley was also involved in multiple business ventures, such as: *Heico Holding, Inc. *The Heico Companies, LLC *Heico Acquisitions *Stony Lane Partners He appeared several times on the

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rich list.

Memphis Grizzlies

He orchestrated the move of the team from Vancouver in 2001, after promising to keep the franchise in Vancouver when he purchased it in 2000. He agreed in 2006 to sell his 70% controlling stake in the Grizzlies to a consortium including

Christian Laettner Christian Donald Laettner (, ; born August 17, 1969) is an American former professional basketball player. His college career for the Duke Blue Devils is widely regarded as one of the best in National Collegiate Athletic Association (NCAA) his ...

and Brian Davis, but the group missed a deadline for the purchase and Heisley found no other bidder willing to meet the team's $300M asking price. 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 Robert J. Pera (born March 10, 1978) is the founder of Ubiquiti Networks, Inc. a global communications technology company that Pera took public in 2011. In October 2012, Pera also became the owner of the Memphis Grizzlies of the National Basketba ...

would be purchasing the team, but Heisley would remain on board until the sale was finalized. The sale was finalized on October 25, 2012, and the team is now a part of Memphis Basketball, LLC.

Personal life

Heisley, was born in

Washington, D.C. ) , image_skyline = , image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan, ...

, grew up in

Alexandria, Virginia Alexandria is an independent city (United States), independent city in the northern region of the Commonwealth (U.S. state), Commonwealth of Virginia, United States. It lies on the western bank of the Potomac River approximately south of Downto ...

, and had residences in

Chicago, Illinois (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = Country , subdivision_name ...

, and

Jupiter Island, Florida The town of Jupiter Island is located on the barrier island called Jupiter Island, in Martin County, Florida, United States; the town is part of Florida's Treasure Coast. The town is located next to the unincorporated community of Hobe Sound. ...

. He was a graduate of

Georgetown University Georgetown University is a private university, private research university in the Georgetown (Washington, D.C.), Georgetown neighborhood of Washington, D.C. Founded by Bishop John Carroll (archbishop of Baltimore), John Carroll in 1789 as Georg ...

, and was married with five children. He was instrumental in establishing and running the Heisley Family Foundation. Heisley died on April 26, 2014, of complications of a stroke. He was 77.

References

{{DEFAULTSORT:Heisley, Michael 1937 births 2014 deaths Philanthropists from Illinois Georgetown University alumni Memphis Grizzlies owners Businesspeople from Alexandria, Virginia People from Kane County, Illinois People from Washington, D.C. People from Jupiter Island, Florida 20th-century American businesspeople 20th-century American philanthropists