Former Grizzlies owner Michael Heisley dies at 77

Former Memphis Grizzlies owner Michael Heisley died Saturday at the age of 77, NBA commissioner Adam Silver confirmed at a press conference.

Silver intended to hold the conference to discuss the success of the Grizzlies as a small-market team, and instead made the announcement of Heisley's death before making a statement about racist remarks reportedly from Clippers owner Donald Sterling.

Heisley orchestrated the move of the Grizzlies from Vancouver to Memphis in 2001, despite initial promises to keep the team in the Canadian city when he purchased it the previous year. He sold the team in 2012. Forbes estimated his net worth at $1.9 billion in 2013.

The businessman was hospitalized after he suffered a stroke in February, 2013. Heisley suffered from several health-related issues prior to that, including undergoing a heart procedure. 

Silver did not disclose any details about Heisley's passing, but called him a "wonderful owner and a terrific friend."