Michael Heisley, Sr.

$1.90 B

Ranked #683 in World

About Michael Heisley, Sr.

Michael E. Heisley, an American businessman renowned for his role as the former majority owner of the Memphis Grizzlies, passed away on April 26, 2014, at the age of 77 due to stroke complications. Born on March 13, 1937, Heisley embarked on a remarkable journey from a computer salesman to a prominent figure in the business world by leveraging $150,000 from his home sale and $10 million in bank loans to acquire Conco. His strategic acquisitions of struggling Rust Belt manufacturers led to the expansion of Heico, which operated 40 companies in sectors like steel and construction by 2009. Heisley's business acumen earned him multiple spots on the Forbes rich list and involved him in ventures such as Heico Holding, Inc., and Stony Lane Partners. In the sports realm, he notably relocated the Memphis Grizzlies from Vancouver in 2001 and later initiated the sale of the team to Robert J. Pera in 2012, a transaction that was finalized on October 25, 2012. Heisley's legacy extends beyond his business achievements to his personal life, where he was a dedicated family man and philanthropist through the Heisley Family Foundation.

Born

March 13, 1937 in Washington, D.C.

Died

April 26, 2014 (aged 77)

Source Of Wealth

Manufacturing

Industries

Manufacturing

Citizenship

United States

Residence

Jupiter Island, FL

Education

Bachelor of Arts / Science, Georgetown University

Spouse

Married, 5 children

Michael E. Heisley was born on March 13, 1937, in Washington, D.C. He grew up in Alexandria, Virginia, and graduated from Georgetown University.

Michael Heisley, Sr.: Family

Heisley was married and had five children. He was instrumental in establishing and running the Heisley Family Foundation.

Michael Heisley, Sr.: Career Highlights

Heisley was a computer salesman by trade. He used $150,000 from selling his home and $10 million in bank loans to acquire Conco, a maker of sewer and drain equipment. He 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.

Michael Heisley, Sr.: Companies

Heisley was involved in multiple business ventures, including Heico Holding, Inc., The Heico Companies, LLC, Heico Acquisitions, and Stony Lane Partners.

Michael Heisley, Sr.: Major Achievements

Heisley orchestrated the move of the Memphis Grizzlies from Vancouver in 2001. He was also instrumental in establishing and running the Heisley Family Foundation.

Michael Heisley, Sr.: Awards & Achievements

Heisley appeared several times on the Forbes rich list.

Michael Heisley, Sr.: Personal Life & Legacy

Heisley had residences in Chicago, Illinois, and Jupiter Island, Florida. He died on April 26, 2014, of complications of a stroke at age 77.

Michael Heisley, Sr.: Trivia

Heisley promised to keep the Memphis Grizzlies franchise in Vancouver when he purchased it in 2000. However, he later agreed to sell his controlling stake in the team to a consortium including Christian Laettner and Brian Davis, but the group missed a deadline for the purchase. Heisley found no other bidder willing to meet the team's $300M asking price and decided to sell the Grizzlies and step aside from all corporate interests in 2012 due to advancing age.

Wealth History

Timeline

March 13, 1937

Michael E. Heisley is born in Washington, D.C.

2000

Heisley purchases the Vancouver Grizzlies and promises to keep the franchise in Vancouver.

2001

Heisley orchestrates the move of the Grizzlies from Vancouver to Memphis.

2006

Heisley agrees to sell his 70% controlling stake in the Grizzlies to a consortium including Christian Laettner and Brian Davis, but the group misses a deadline for the purchase.

2012

Heisley decides to sell the Grizzlies and step aside from all corporate interests due to advancing age.

June 11, 2012

The Grizzlies announce that Ubiquiti Networks founder Robert J. Pera would be purchasing the team, but Heisley would remain on board until the sale was finalized.

October 25, 2012

The sale of the Grizzlies to Robert J. Pera is finalized, and the team becomes part of Memphis Basketball, LLC.

April 26, 2014

Michael E. Heisley dies of complications of a stroke at age 77.

Michael Heisley, Sr. : FAQs

What is Michael Heisley, Sr.'s net worth?

As of 2012, Michael Heisley, Sr.'s net worth was $1.90 billion.

What are Michael Heisley, Sr.'s main sources of wealth?

Michael Heisley, Sr.'s main source of income comes from Manufacturing.

In which industry does Michael Heisley, Sr. primarily operate?

Michael Heisley, Sr. is primarily involved in the Manufacturing industry.

What is Michael Heisley, Sr. educational background?

Michael Heisley, Sr. holds a Bachelor of Arts / Science from Georgetown University.

Is Michael Heisley, Sr. dead?

Yes, Michael Heisley, Sr. died on April 26, 2014 (aged 77).

How many children does Michael Heisley, Sr. have?

Michael Heisley, Sr. has 5 children.

Who was Michael E. Heisley and what was his major business achievement?

Michael E. Heisley was an American businessman and former majority owner of the Memphis Grizzlies. His major business achievement includes using $150,000 from selling his home and $10 million in bank loans to acquire Conco, a maker of sewer and drain equipment, eventually expanding his holdings to operate 40 companies through Heico in industries like steel, construction, and equipment by 2009.

How did Michael E. Heisley impact the Memphis Grizzlies?

Michael E. Heisley had a significant impact on the Memphis Grizzlies by orchestrating the team's move from Vancouver to Memphis in 2001. Despite initially promising to keep the franchise in Vancouver when he purchased it in 2000, he later sold the Grizzlies to Robert J. Pera in 2012, ensuring the team's continued presence in Memphis.

What were some of Michael E. Heisley's personal life details?

Michael E. Heisley was born on March 13, 1937, in Washington, D.C., and grew up in Alexandria, Virginia. He had residences in Chicago, Illinois, and Jupiter Island, Florida. A graduate of Georgetown University, Heisley was married with five children and was instrumental in establishing the Heisley Family Foundation. He died on April 26, 2014, due to complications from a stroke.

Can you describe Michael E. Heisley's early career and how he built his business empire?

Michael E. Heisley started his career as a computer salesman before venturing into entrepreneurship. He built his business empire by initially investing $150,000 from selling his home along with $10 million in bank loans to purchase Conco. He then expanded his holdings by acquiring several near-bankrupt Rust Belt manufacturers, leading to the operation of 40 companies under Heico by 2009 in various sectors including steel, construction, and equipment.

What was the outcome of Michael E. Heisley's attempt to sell the Memphis Grizzlies in 2006?

Michael E. Heisley's attempt to sell the Memphis Grizzlies in 2006 initially involved an agreement to sell his 70% controlling stake to a consortium including Christian Laettner and Brian Davis. However, the group missed a deadline for the purchase, leading Heisley to search for other bidders. Eventually, he decided to sell the team to Ubiquiti Networks founder Robert J. Pera in 2012, with the sale being finalized on October 25, 2012.